Egypt's net foreign reserves rose to $17.52b at the end of May, up from $17.011b in April, the Central Bank of Egypt (CBE) announced.

Egypt's net foreign reserves reached $17b at the end of April, which marks an increase by $449m, the Central Bank of Egypt (CBE) announced.

Egyptian Prime Minister said the country expects to receive $1.5b in loans from the World Bank and African Development Bank (AFDB) by the end of 2015. The decision comes as part of the country's efforts to boost foreign currency reserves.

Egypt's foreign currency reserves edged down to $19.559 billion at the end of May from $20.5 billion the previous month, the central bank said on Sunday.