Egypt paid $30bn in loans in 2017: CBE

Sources in the Central Bank of Egypt (CBE) announced on Wenesday that Egypt paid $US30 billion to foreign bodies in 2017. They added that the country is committed to pay over $12 billion in debts and commitments in 2018.

Last year’s payments included bonds and debts to international banks, such as the African Export Import Bank, deposits and loans received from Saudi Kingdom, Libya and Turkey, in addition to financial commitments to the Petroleum Authority and the Paris Club.

The sources stressed that Egypt has entered negotiations with several Gulf creditors to extend the duration of the repayment periods, which they have deposited in the CBE.

Former Governor of the CBE, Ismail Hassan, said that Egypt’s foreign debts are still within the safety limits, asserting that the foreign reserve, valued at $36.7 billion, has not been affected by the debt payments.

Edited translation from Al-Masry Al-Youm

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