Egypt’s foreign reserves rose by just shy of $2bn to $28.5bn in March, the highest since March 2011, as the influx of around $10bn in foreign aid and loans since November last year has helped the country’s ailing economy get back on its feet (see chart).
Egyptian President Sisi’s trip to Washington this week was focused on his economic agenda as he tries to attract foreign investment back to the country. Amongst others he met with US President Donald Trump and head of the World Bank Jim Yong Kim, which last month deposited the second $1bn tranche of a $3bn loan to Cairo (MEES, 31 March). The first tranche of $1bn was disbursed at end-2015. (CONTINUED - 735 WORDS)