Cairo, Feb 18: Egypt, grappling with a severe economic downturn, is considering the sale of one of its cities, Alexandria, to Turkey. This decision comes amidst a significant depletion in Egypt’s foreign exchange reserves, prompting the nation to seek unconventional measures to alleviate financial strain.

Reports indicate that Egypt is poised to sell the historic city of Alexandria to Turkey, with negotiations centered around the Ras al-Hikma area, situated approximately 350 kilometers northwest of Cairo, for a staggering $22 billion. The move aims to address Turkey’s quest for a prominent port in Africa, facilitating shipping and logistical operations.

Alexandria, founded by Alexander the Great, holds immense historical and cultural significance, having been inhabited by various civilizations throughout its existence. With deep-rooted ties to the Ottoman Empire, the city boasts a rich heritage, making it an appealing prospect for Turkey.

By acquiring Alexandria, Turkey stands to bolster its influence in Africa while securing vital commercial and logistical hubs along the Mediterranean coast. Analysts predict that the collaboration between Egypt and Turkey could yield substantial economic benefits for both nations, fostering improved bilateral relations and enhanced trade prospects.

With Egypt facing financial constraints hindering Alexandria’s development, Turkey’s involvement is poised to inject much-needed resources into the city’s infrastructure, paving the way for mutual prosperity and strengthened ties between the two Muslim-majority nations.