Foreign currency reserves at the Central Bank of Egypt jumped to an unprecedented historical level, above $46 billion, at the end of last May, driven by the country receiving financial payments denominated in dollars.
Data from the Central Bank of Egypt showed, today, Tuesday, that Egypt’s net international reserves rose to 46.126 billion dollars last May, compared to 41.057 billion dollars the previous April.
According to historical data from the Central Bank of Egypt, foreign reserves have never recorded such high levels, driven by Egypt receiving financial payments from the Ras El Hekma project.
The second installment
On May 15, the Egyptian Council of Ministers announced that it had received $14 billion, representing the second installment of the Ras El Hekma project, in cooperation with Emirati investors.
On February 23, Egyptian Prime Minister Mostafa Madbouly announced the signing of the “largest direct investment deal” worth $35 billion in partnership with the UAE, in order to develop the Ras El Hekma region in the west of the country.
Egypt is anticipating receiving payments in dollars from the International Monetary Fund, the World Bank, the European Union, and some creditors.
