The Central Bank of Egypt (CBE) announced that the maturity of a Kuwaiti deposit of $2 billion at the bank was extended until September 2023 instead of September 2022, and the maturity of the remaining $658.5 million from an Emirati deposit of $1 billion, was also extended to August 2027 instead of August 2022.
The report on the external situation of the Egyptian economy revealed that Kuwait had two deposits at the CBE, worth $4 billion, in two tranches. The first was extended until September 2023, while the second is supposed to be due in April 2023.
Read more: Trade exchange between Egypt, Kuwait reaches $401 mn
The UAE also has 5 medium and long-term deposits with a total value of $5.658 billion, the value of the first deposit amounting to $1 billion due to be paid in July 2026, the second with a value of $1bn also due in July 2023, and the third with a value of $2 billion to be paid in 3 tranches. The first tranche is due in April 2023, the second tranche in April 2024, and the third in April 2025, while the value of the fourth deposit amounts to $1 billion, due in 3 instalments due in May 2024, May 2025, and May 2026, while the value of the fifth deposit amounts to $1 billion, of which $658.2 million was due in August 2022 and has been extended to August 2027.
Additionally, CBE revealed that the volume of external debt owed by Egypt decreased to $154.980 billion at the end of the first quarter of the 2022/2023 fiscal year, compared to $155.708 billion at the end of the last quarter of 2021/2022, a decrease of about $728m.
Moreover, the bank clarified that the volume of long-term external debt recorded $127.572 billion at the end of September 2022, compared to $129.089 billion at the end of June 2022, a decrease of $1.517 billion, while the volume of short-term debt reached $27.408 billion, compared to $26.619 billion, an increase of $789 million.
Trade exchange between Egypt and Kuwait reached $401 million during the first eleven months (11M) of 2022, Egypt’s Minister of Trade and Industry, Ahmed Samir, said in December 2022.
In 2021, trade exchange between the two nations amounted to $306 million, an increase of 21.40% or $54 million when compared to $252 million in 2020.
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