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Egypt’s External Debt Falls to 18-Month Low

July 2, 2024
Image Credit: firstbankeg.com

Egypt’s external debt dropped by 4.4 percent in the first quarter of 2024, around USD 7.4 billion (EGP 356.3 billion), reaching its lowest level in 18 months, according to data from the Central Bank of Egypt (CBE) reported by state media.

This figure marks a decrease from the USD 168 billion (EGP 8 trillion) recorded in the fourth quarter of 2023 to approximately USD 160.6 billion (EGP 7.7 trillion).

The CBE’s data also revealed that the country’s net international reserves stood at USD 46.125 billion (EGP 2.221 trillion) at the end of May – mainly due to a massive influx of foreign capital as a result of privatization agreements.

In February 2024, Egypt signed its largest-ever foreign direct investment agreement with the Emirati investment giant ADQ — valued at USD 35 billion (EGP 1 trillion at the time) — to develop the coastal city of Ras El-Hekma.

This project is anticipated to attract USD 150 billion (EGP 7.2 trillion) in investments.

Other international partners pledged financial support packages to Egypt shortly after, including USD 6 billion from the World Bank (EGP 283 billion) and USD 8 billion (EGP 385.3 billion) from the European Union.

The International Monetary Fund also expanded its loan agreement with Egypt from USD 3 billion (EGP 144.4 billion) to USD 8 billion (EGP 385.3 billion), extending through 2026.

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