In detail: Egypt plans to amass $300B in foreign reserves by 2030 – Egypt Today

In detail: Egypt plans to amass $300B in foreign reserves by 2030 – Egypt Today

CAIRO - 9 January 2024: The Egyptian government aims to accumulate foreign reserves amounting to approximately $300 billion over the next six years. 

 

This ambitious goal, which is three times the current figure, aligns with President Abdel Fattah El-Sisi's new term, focusing on narrowing the dollar gap, and enhancing economic stability.

 

The country’s net international reserves (NIR) increased $4.6 billion during December 2023, recording $35.219 billion, compared to $35.173 billion at the end of November 2023, according to the Central Bank of Egypt (CBE).

 


Egypt has been facing a foreign exchange shortage crisis since March 2022, after it was negatively affected by the repercussions of the global inflation wave and the Russian-Ukrainian war, which caused the exit of billions of dollars in indirect foreign investments, and an increase in the import bill of basic goods, most of which are imported from abroad.

 

The plan was revealed in a document prepared by the Cabinet titled "Key Strategic Directions for the Egyptian Economy for the New Presidential Term 2024-2030." 


 

To clarify, Egypt relies on five primary sources for obtaining hard currency: export revenues, tourism, Suez Canal revenues, remittances from expatriates, and foreign direct investments (FDI).

 

Egypt Today reviews the details of the state’s plan to collect this amount