Egypt pays $4 billion dollars of debt to African Export-Import Bank

Ahram Online , Tuesday 5 Dec 2017

The Egyptian Central Bank offices in Cairo, Egypt (AP)
The Egyptian Central Bank offices in Cairo, Egypt (AP)

Egypt has repaid a total of $4 billion of debt to the African Export-Import Bank, the country's central bank has announced.

Egypt's state-run news agency MENA reported on Monday that the central bank recently paid back $2 billion to the African Export-Import Bank out of a $3.2 billion short-term loan.

The central bank will repay the remaining $1.2 billion by the end of December, the central bank's Assistant Sub-Governor for the markets sector, Ramy Ahmed Adel Abol Naga, was quoted by MENA as saying.

On Tuesday, Governor of the Egyptian Central Bank Tarek Amer told the Egyptian financial newspaper El-Borsa that the bank had also paid back $2 billion under a repurchase agreement, reducing the total debt to to the bank to $5.2 billion.

Egypt’s foreign reserves climbed to $36.723 billion at the end of November from $36.703 billion at the end of October, the central bank said on Monday.

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