Egypt’s foreign reserves surged to USD 42.524 bn at the end of February from USD 38.209 bn the month before, facilitated by a USD 4 bn Eurobond sale last month, Invest-Gate reports.

Foreign reserves have been rising since the country secured a USD 12 bn three-year International Monetary Fund loan program in 2016 to revive its soaring economy.

“Net international reserves jumping to a new safe level will enhance investor confidence and minimize the funding gap even with the USD 12 bn of repayments outstanding for this year,” Hany Farahat, senior economist at CI Capital tells Reuters.