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Egypt sees significant decline in total external debt

Egypt’s total external debt declined to US$160.607 billion during the first quarter of 2024, compared to $168.034 billion during the last quarter of 2023 – a decrease of $7.427 billion.

Net international reserves rose to $46.125 billion at the end of May, compared to $41.057 billion at the end of April, an increase of $5.068 billion, according to recent data issued by the Ministry of Planning.

The net foreign assets of the Central Bank of Egypt have turned into a surplus for the first time since 2022, reaching LE458.63 billion by the end of May.

Egypt received $14 billion from the UAE, the value of the second installment of the deal to develop the Ras al-Hikma region.

Egypt and the UAEĀ  in February signed a huge investment deal to develop the city of Ras al-Hikma, located on the northwestern coast of the country.

The project is expected to attract investments amounting to $150 billion over the lifetime of the project.


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