Kuwait agreed to renew the maturity date of a $2 billion deposit at the Central Bank of Egypt (CBE) for a period of 12 months, due for repayment in April 2022, according to the data.
Cairo obtained deposits of more than $17 billion from the three Gulf countries; Kuwait, Saudi Arabia and the UAE, as part of their previous efforts to overcome the severe exchange market crisis following the January 2011 revolution and the recovery of currency sales outside the official track.
According to the report, Kuwait has another deposit with the CBE worth $2 billion, due to be repaid within the next month.
Regarding Saudi deposits with the central bank, the report indicated that the Gulf state owns 3 deposits, with a total of $5.5 billion, according to April 2021 balances.
The report pointed out that the first deposit of $1 billion, of which $500 million remains in the bank, and will be repaid during the period from May until the end of November. The value of the second deposit is $2 billion, part of which is supposed to have been paid last April, and the rest is due for payment in the same month of 2022.
As for the third deposit, it amounts to $3 billion, to be paid in July 2021.
On the other hand, the UAE has 5 deposits with a total of $6 billion, and according to April balances, the first deposit amounted to $1 billion, which expired last July, and the second is also worth $1 billion and is due in July 2023, and the third is worth $2 billion and is refunded in three installments within the month of April in the years 2021, 2022 and 2023.
The value of the fourth deposit is $1 billion, due in three installments in May of the years 2021, 2022 and 2023, while the value of the fifth deposit is $1 billion, of which the remaining $676 million is to be paid by August 2022.
Gulf deposits are classified as part of Egypt’s external debt, which rose by 4.37% during the Q1 of 2021, reaching a level of $134.8 billion in March 2021, compared to $129.1 billion in December 2020, an increase of $5.64 billion.
On an annual basis, the rate of increase in Egypt's foreign debt amounted to 21.15%, which had reached $123.5 billion in March 2020.
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