ISIL’s rise in Libya hurts Egypt’s economic stability

World Today

Libya has become another hotbed for extremist groups. Observers say a weak military and rival claims to power are partially to blame for the rise of ISIL there. And that presents challenges for Libya’s neighbors – extending beyond matters of security.

CCTV’s Yasser Hakim filed this report from Cairo.

ISIL's rise in Libya hurts Egypt's economic stability

ISIL's rise in Libya hurts Egypt's economic stability

Libya has become another hotbed for extremist groups. Observers say a weak military and rival claims to power are partially to blame for the rise of ISIL there. And that presents challenges for Libya's neighbors - extending beyond matters of security. CCTV's Yasser Hakim filed this report from Cairo.

Egyptians fear that the rise of violence in Libya could hamper efforts to improve Egypt’s economy. Last week, 21 Egyptians were killed by ISIL in Libya. This caused outrage and a call by Egyptian President Abdul Fattah al Sisi for an evacuation of workers from the neighboring country.

There are hundreds of thousands of Egyptians working in Libya. The return of those workers will add more to the already high unemployment problem. The Egyptiangovernment said its getting prepared.

“We have more than 33thousand job opportunities for the returning workers in several sectors,” Hany Fathy, General Manager of Egypt’s Ministry of Labor said. “Industry, infrastructure projects and real estate….we are planning more soon.”

Egyptian air forces struck ISIL targets to avenge the killing of the 21 Egyptians. Analysts see the crackdown on terrorists in Libya as essential for Egypt’s security. Others fear an all-out war could have its toll on the economy.

The stock market plummeted for two days after the bombing while several countries have warned of preventing their tourists from visiting Egypt in the case of an extended military campaign. For now, many investors remain calm.

“Inspite of the challenges facing Egypt, we will continue with our plans for Arab projects and cooperation to ensure the economic development of Egypt and the Arab region, Mohamed al Tewejry, Deputy Secretary General for Economic Affairs for the Arab League said.


Douglas Smith of MWW discusses ISIL presence in Africa

CCTV America interviewed Douglas Smith for more on ISIL’s affects through Egypt and Libya. Smith is a former official for the U.S. Department of Homeland Security. He is currently the executive vice president of MWW, a government relations firm.

Douglas Smith of MWW discusses ISIL presence in Africa

Douglas Smith of MWW discusses ISIL presence in Africa

CCTV America interviewed Douglas Smith for more on ISIL's affects through Egypt and Libya. Smith is a former official for the U.S. Department of Homeland Security. He is currently the executive vice president of MWW, a government relations firm.