Central Bank of Egypt data showed that Egypt's net foreign assets came in positive for the third consecutive month in July, after remaining negative for more than two years, rising by $220 million. Net foreign assets jumped to 644.8 billion Egyptian pounds at the end of July from 626.6 billion pounds in June. That's equivalent to $13.27 billion at the end of July, and $13.05 billion at the end of June.
Egypt's net foreign assets have turned negative since February 2022, falling to "minus" $28.96 billion in January, but in February this year, the government boosted its finances by selling the rights to develop the Ras El Hikma area on the Mediterranean coast for $35 billion. Also by signing in March an $8 billion financial support package with the International Monetary Fund.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
