Home Northern Africa External debt of Egypt goes up

External debt of Egypt goes up

44

(3 minutes read)

According to the CBE, by original maturity, the external debt consists mainly of long-term debt, which accounted for US$136.4bn or 82.5% of the total debt in March 2023, while short-term debt accounted for US$28.9bn.

 According to the CBE, by original maturity, the external debt consists mainly of long-term debt, which accounted for US$136.4bn or 82.5% of the total debt in March 2023, while short-term debt accounted for US$28.9bn. By residual maturity, short-term debt amounted to about $47.5bn in March 2023. Meanwhile, long-term debt reached about $117.9bn. Long-term external debt registered $136.4bn (82.5% of total external debt) in March 2023, up by about $7.3bn compared to June 2022. This is illustrated in the following:

Buyers’ and suppliers’ credit reached about US$19.1bn, up by US$2.7bn in March 2023, compared with the end of June 2022. Multilateral institutions’ debt reached about US$52.7bn, up by US$1.4bn as compared to June 2022. Repurchase Agreements (Repo) registered about $5.5bn.

Non-guaranteed private sector debt reached US$1.6bn, up by US$769.6m. This rise, which was realized mainly during the period January/March 2023, resulted from a loan of about $750.0m granted to a private bank by its headquarters and another one of US$10.0m from a multilateral institution. It is worth noting that this outstanding stock includes the Green bonds, issued by the Commercial International Bank in July 2021, with a nominal value of US$100m.Other bilateral debt 1 amounted to some $11.8bn, up by $689.0m.

Bonds issued abroad (non-resident holdings) reached $29.6bn, up by $593.9m. This increase came as a dual effect of the new issuance of SUKUK at a value of $1.5bn, and the redemption of Eurobonds issued in US dollars (a trench at a value of) $0.9bn during Jan/March 2023.

Read Also:

https://trendsnafrica.com/egypt-invites-investment-companies-from-abroad-to-accelerate-the-flow-of-investments/

https://trendsnafrica.com/egypt-invites-investment-companies-from-abroad-to-accelerate-the-flow-of-investments/

The outstanding stock of bonds as of March 2023 includes the following: Roughly US$22.5bn of Eurobonds issued in US dollars, the equivalent of about $4.1bn of Eurobonds denominated in euro, about US$1.5bn of SUKUK issued in US dollars in February 2023.