Net international reserves increase by $60M by end of February 2024: CBE

CAIRO - 5 March 2024: The Central Bank of Egypt announced that the net international reserves (NIR) increased by $60 million reaching $35.310 billion at the end of February 2024. 

 

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 CBE. Egypt will also get 35 percent 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.

 

Egypt already received the first tranche of the deal, Egypt received $5 billion on Friday as the final installment of the first tranche of the Ras El Hekma deal, the Egyptian Cabinet announced.

 

Madbouly confirmed on Thursday that Egypt received $5 billion from the first installment of the investment deal with the United Arab Emirates to develop Ras El Hekma. In addition to this, Egypt took the required measures to transfer $5 billion from the Emirati deposits at the CBE.

 

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.