The deposit is originally due in April 2024 and will mature in April 2025.
Kuwait also has another deposit at the CBE, amounting to approximately $2 billion, which is set to mature in September 2024.
These two trenches of deposits, which record $2 billion each, were extended by Kuwit in 2023 as part of Egypt's efforts to support its international reserves.
The CBE also holds a deposit from Saudi Arabia totalling $5.3 billion, due for settlement in October 2026.
These extensions highlight Egypt's ongoing efforts to strengthen its financial relationships with Gulf nations in response to its economic challenges.
The report also revealed that Egypt repaid medium- and long-term UAE deposits amounting to $5.652 billion at the CBE by the end of June 2023.
In March, the CBE disclosed that Egypt had repaid approximately $6 billion in short-term deposits to the UAE, thereby settling all outstanding deposits owed to the UAE.
In February 2024, Egypt signed a $35 billion agreement with the United Arab Emirates to develop the city of Ras Hekma. The agreement included exchanging $11 billion in dues Egypt owes to the UAE in return for investments.
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