General Motors says to resume operations in Egypt’s on February 14
General Motors (GM.N) will resume operations in Egypt next Sunday, February 14th, the company said in its Thursday statement. This comes after GM temporarily halted activities earlier in the week due to its inability to source dollars amid Egypt’s currency crisis.
Egypt has been facing an acute dollar shortage since a 2011 uprising and subsequent political turmoil drove foreign investors and tourists away. Dollar reserves have more than halved to US$16.4 billion since then.
“The problem has been solved,” a company official told Reuters by telephone on Thursday, without providing further details.
The company said earlier in the week it was halting operations after being unable to get imported production inputs released from customs because of the dollar shortage.
“We will resume plant operations in 6 October City commencing Sunday, February 14,” the company added in its statement.
General Motors’s Egypt operation includes assembling trucks and cars. It makes 25 percent of Egypt’s vehicles.
