Egyptian Pound to GBP (or USD or Euro)?

Egyptian Pound to GBP (or USD or Euro)?

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We have an Egyptian wholly owned subsidiary. It owes the UK parent circa £0.75m, but repayment is highly problematic. 

The challenge is their cash (and customer receipts) are in Egyptian pounds, which is a restricted currency. Locally they have controls in place which hugely limit the amount of hard currency you can buy, which they could then send back to the UK to repay their debt to us (we send them equipment, they use our IP etc)

Does anyone know of a peer to peer lender or matching service so we could swap our EGP in Egypt for hard currency in the UK?

Or simply of a business/entity who wants to send cash to Egypt - possibly in the charitable sector?

We have tried the following options already:

  • Asking the main customer (who we are very dependent on) to pay in USD/GBP/EUR. They have said no - we can't push it with them.
  • Asked the customer if we can invoice another group company in a different country. They said no.
  • Speaking to banks and currency brokers (over 50 so far) - those we have contacted/contacted us can't do anything with it.
  • Peer to peer services such as Transferwise, Currencyfair and Midpoint - they can't do anything with it.
  • Getting EGP paid to UK (we have an EGP account) and then dealing with the issue here. The bank can't do anything with it.

Any suggestions much appreciated.

Cheers

Ben

Replies (2)

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By NotAnAcctantJustReading
13th Apr 2016 18:21

Why not try these people?

http://www.greatbusiness.gov.uk/ukti/

Seems like they could at least point you to someone with some knowledge on this, and presumably the government would like to help you export equipment and IP and bring back money.

You could also contact the Egyptian commercial office in London.  Presumably they like having you do business in Egypt and should help you with this.

http://www.egyptianconsulate.co.uk/Useful_Links.php

 

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By sambarbx
20th Mar 2017 17:47

Hi Ben,

Did you find a solution for that ?

Many thanks

Samuel

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