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Monday, 4 June 2018

CBE repays final USD 500 mn installment of Afreximbank loan

The central bank made a final USD 500 mn payment to the African Export- Import Bank (Afreximbank) last Thursday on a USD 3.7 bn facility it had acquired back in 2016 to boost its FX liquidity and help Egyptian importers through a foreign currency shortage, Al Masry Al Youm reports, citing statements by Afreximbank Vice President for Business Development Amr Kamel. Egypt’s foreign debt obligations stood at USD 82.9 bn at the end of December 2017, or around 36.1% of GDP, up from USD 67.3 bn at the end of December 2016. Egypt plans to retire some USD 12 bn in foreign debt this year, including USD 850 mn owed to international oil companies.

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