The Central Bank of Egypt has announced an extension of Kuwait’s $2 billion deposit until April 2025. This move reflects the strong economic collaboration between the two nations and aims to bolster Egypt’s financial stability. The report highlights that Kuwait’s previous deposit was due in April 2024, with an additional $2 billion installment set to mature in September 2024.
Gulf Deposits in Egypt
By the end of June 2024, Egypt’s long-term Gulf deposits reached approximately $9.3 billion, comprising a $5.3 billion Saudi deposit and $4 billion from Kuwait. Meanwhile, Egypt repaid $5.652 billion in UAE long-term deposits and $6 billion in short-term deposits as of March 2024.
Debt and Financial Stability
Short-term Arab deposits remained steady at $11.1 billion, according to the Central Bank. However, Egypt faces significant financial obligations in 2025, with debt repayments and interest estimated at $22.4 billion.