Ahmad 
Egyptian Prime Minister Mostafa Madbouly and representatives of the country’s private sector announced their agreement to reduce the prices of tourist bread, which is not subsidized, from Sunday.
The move came amid Egypt’s protracted economic crisis, which has eased in recent weeks after Egypt completed an unprecedented investment deal with a UAE sovereign wealth fund and agreed on an expanded loan from the International Monetary Fund.
The new prices for tourist bread were set at 50 piasters ($0.0104), 75 and 150 piasters for weights of 25, 40 and 80 grams, respectively.
Egypt’s private sector produces tourist bread, which does not enjoy government subsidies.
The new prices were announced by representatives of the Federation of Egyptian Industries and the General Federation of Chambers of Commerce, with reduction rates ranging from 25 to 40 percent.
Inflation in Egypt has reached high levels in the past two years as a result of a severe shortage of foreign currency and the subsequent devaluation of the Egyptian pound.
Saudi investments exceed $3 billion in the Egyptian market