Egypt’s net foreign exchange reserves surged to an unprecedented peak, reaching 55.072 billion dollars by the end of June.
Egyptian Prime Minister Mostafa Madbouly announced the record-breaking figure during the government’s weekly press conference on Wednesday, citing the latest data released by the Central Bank of Egypt, Sada al-Balad reported.
The prime minister highlighted that the reserves witnessed a substantial boost of nearly 2 billion dollars in a single month. This rapid growth, he noted, reflects sustained improvement across Egypt’s broader economic indicators, strengthening the nation’s financial stability and securing the hard currency needed to meet future economic obligations.
Madbouly also pointed out that this milestone comes at a time when inflation rates continue their downward trajectory despite ongoing regional and global challenges.
Dabaa nuclear power plant to begin operations by late 2028
Addressing the energy sector, Madbouly emphasized that the El Dabaa Nuclear Power Plant stands as one of Egypt’s most critical strategic projects.
The first nuclear reactor is scheduled to begin operations and start generating electricity by the end of 2028, with all four reactors expected to be fully operational by 2030.
Once complete, the plant will deliver a generation capacity of 4.8 gigawatts, diversifying the country’s energy mix and bolstering national energy security while cutting fuel import costs.
Feasibility studies indicate that the project’s costs could be recovered in less than 12 years, providing a highly stable, around-the-clock power supply to support Egypt’s economic and industrial development plans.
