Egypt Net Int'l Reserves Increase to $46.9 Bln by End-October: CbeSource: www.export-egypt.com 11/6/2024, Location: Africa |
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Egypt's net international reserves (NIRs) increased to $46.9 billion by the end of October, up from $46.7 billion in September, according to data published by the Central Bank of Egypt (CBE).
This follows a rise from $46.5 billion at the end of August, compared to $46.3 billion at the end of June. In its third review report, the International Monetary Fund (IMF) projected Egypt's NIRs to rise from $47.2 billion in FY2024/2025 to $66.5 billion in FY2028/2029. Additionally, Egypt has secured financial packages totalling over $57 billion from international financial institutions and development partners. In February, the country signed a $35 billion deal for the Ras El-Hekma project, marking the largest foreign direct investment (FDI) deal in Egypt's history. Furthermore, Egypt received the third instalment of the $8 billion loan programme from the IMF in July after successfully completing the third review. It also signed a 7.4 billion euro deal with the EU to support investment in the country. As part of the agreement, Egypt received 1 billion euros in March. |
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