The Central Bank of Egypt announced that the net international reserves (NIR) reached $35.310 billion at the end of February 2024
The Central Bank of Egypt announced that the net international reserves (NIR) reached $35.310 billion at the end of February 2024. This is a $60 million increase from January 2024
Net International Reserves Egypt's NIR consist of various currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. These reserves include foreign exchange, gold, and a variety of international currencies.
In February, Egypt and the UAE signed a real estate investment deal to develop the Ras El Hekma region in North Coast with $35 billion investments. Madbouly revealed that the total amount of the foreign direct investment will be $35 billion, which is expected to be received in full within two months, is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE). Egypt will also get 35% of the profits throughout the duration of the project’s implementation.
Madbouly stated that Egypt's external debt will decrease by $11 billion, transferred from an Emirati deposit in the central bank as an investment in the project.
Additionally, it was revealed that the Egyptian Public Business Sector Ministry would receive $520 million today from the hotels deal. These investments in the designated projects are anticipated to bolster foreign currency reserves and generate employment opportunities for the Egyptian workforce.
