The Institute of International Finance (IIF) expects the Ras El Hikma investment deal and Egypt's conclusion of an expanded agreement with the International Monetary Fund (IMF) to boost total foreign exchange reserves to more than $50 billion, enough for 8 months of imports by the end of the current fiscal year.
According to the institute, the scope and speed of Egypt's conclusion of the Ras El Hikma investment deal with the UAE, which will generate immediate financing worth $ 35 billion, exceeded expectations as the market reacted positively to it.
The deal is set to receive $24 billion in direct liquidity and $11 billion of the UAE's deposits at the central bank will be written off as a result of converting them into Egyptian pounds and injecting them into projects to support economic development.
Source (Al-Arabiya.net Website, Edited)
