Middle East & Africa: Economic overview
Egypt has boosted its foreign exchange reserves, some of which will be used to purchase LNG during the summer.
Egypt’s forex reserves amounted to $28.5 billion at the end of March 2017 – the highest level since March 2011. Foreign aid and the country’s increased participation in the international debt market accounted for the rise. In March, Egypt received the second tranche of $1 billion of its loan from the World Bank, which followed the $500 million second tranche of a loan from the African Development Bank.