Tuesday, April 23, 2024
Today's News
Tuesday, April 23, 2024
Today's News

Egypt’s foreign reserves surge to over $34bn in February

Egypt’s foreign reserves surge to over $34bn in February

RIYADH: Egypt’s foreign gets surged to reach $34.35 billion by the end of February 2023, the most up to date information from the Reserve bank of Egypt showed.

This number reflects a $127.9 million rise when compared to the $34.224 billion recorded by the end of January 2023.

International currencies in the African country’s net worldwide reserves consist of the United States dollar, Euro, Australian buck, Japanese yen, and Chinese yuan.

In another growth, the head of the Sovereign Fund of Egypt Ayman Soliman revealed that the quantity of current investment within the UAE-Egyptian platform totaled up to $5 billion out of an overall of $20 billion.

“We presently have 11 business that we will offer to calculated capitalists, a public offering, or both,” Soliman disclosed to CNBC Arabia.

“Within days, we will introduce the awarding of investments in 7 hotels,” the head added.

As many as two to three companies will certainly launch their going publics during the following month, Soliman exposed.

He went on to include that the Sovereign Fund of Egypt is likewise on the right track to launch a sub-fund dedicated to sustainability and green investments.

That said, the Fund touches with Indian multinational corporation Adani Group as they prepare financial investments in Egypt, specifically in green hydrogen, agriculture, banking, as well as logistics fields.

Established in 2018, the Fund intends to form, manage, and perfect opportunities for financial investment in Egypt’s state-owned possessions.

Last Updated:  07 March 2023

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