RIYADH: Egypt’s foreign reserves surged to reach $34.35 billion by the end of February 2023, the latest data from the Central Bank of Egypt showed.
This figure reflects a $127.9 million increase when compared to the $34.224 billion recorded by the end of January 2023.
Foreign currencies in the African country’s net international reserves include the US dollar, Euro, Australian dollar, Japanese yen, and Chinese yuan.
In another development, the head of the Sovereign Fund of Egypt Ayman Soliman revealed that the volume of current investment within the UAE-Egyptian platform amounted to $5 billion out of a total of $20 billion.
“We currently have 11 companies that we will offer to strategic investors, a public offering, or both,” Soliman disclosed to CNBC Arabia.
“Within days, we will announce the awarding of investments in 7 hotels,” the head added.
As many as two to three firms will launch their initial public offerings during the next month, Soliman revealed.
He went on to add that the Sovereign Fund of Egypt is also on track to launch a sub-fund dedicated to sustainability and green investments.
That said, the Fund is in contact with Indian multinational conglomerate Adani Group as they plan investments in Egypt, specifically in green hydrogen, agriculture, banking, and logistics sectors.
Established in 2018, the Fund aims to shape, manage, and perfect opportunities for investment in Egypt’s state-owned assets.
