STORY: Egypt's int'l reserves hit record high at end of June
SHOOTING TIME: Archive
DATELINE: July 8, 2024
LENGTH: 0:01:06
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. shot of the River Nile in Cairo
2. various of Central Bank of Egypt
3. various of an accountant counting banknotes
4. various of banks

STORYLINE:

The Central Bank of Egypt (CBE) announced on Sunday that the country's net international reserves (NIRs) increased to 46.3 billion U.S. dollars at the end of June, up from 46.1 billion U.S. dollars a month earlier. It's the highest level since the outbreak of the COVID-19 pandemic in early 2020.

Foreign currency reserves inched up to 36.8 billion U.S. dollars in June, up from 36.5 billion U.S. dollars in May, according to CBE data.

Amid global and regional tensions, Egypt has secured commitments exceeding 57 billion U.S. dollars from international financial institutions and development partners. 

These include 8 billion U.S. dollars allocated to the current Extended Fund Facility (EFF) loan program. The commitments also encompass 6 billion U.S. dollars from the World Bank Group, 8 billion U.S. dollars from the European Union, and the 35 billion U.S. dollars deal signed with the UAE in February for the development of Ras El-Hekma peninsula.

During the Egypt-EU Investment Forum that Egypt hosted on June 29-30, the two sides sealed an agreement that unlocked 1 billion out of the 7.4 billion euros (8 billion U.S. dollars) that the EU already committed to supporting Egypt's economic reforms.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)