The NIRs had surged to $41 billion at the end of April compared to $40.4 billion at the end of March.

The surge is reportedly driven by a series of investment projects and international financial support packages.

This included the $35 billion Ras El-Hekma deal signed in February, which marked the largest FDI deal in the country’s history.

Egypt has secured over $57 billion in financial packages from international financial institutions and development partners.

In July, Egypt received the third tranche of the $8 billion loan program from the International Monetary Fund (IMF), following the completion of the third review.

Moreover, at the Egypt-EU investment conference, the two sides agreed on a deal unlocking 1 billion euros out of the 7.4 billion euros committed to Egypt by the European block.

Meanwhile, a recent IMF report highlighted that Egypt’s gross and net international reserves now surpass its obligations. The report projected a further increase in gross international reserves to $66.5 billion by FY2028/29, up from $47.2 billion in FY2024/25.