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Tuesday, 26 September 2017

Egypt to repay USD 5.2 bn in Afrexim Bank debt before December’s end

Egypt is making a USD 5.2 bn payment to Afrexim Bank before the end of December, Al Mal reports. USD 3.2 bn of that figure was provided as a short-term loan and USD 2 bn came through a repo transaction after the float of the EGP in November 2016. Repaying Afrexim Bank will reduce Egypt’s foreign debt obligations significantly, CBE Governor Tarek Amer says. Egypt is planning on repaying USD 8.134 bn in loans in 4Q2017, Al Mal notes.

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