Kuwait Renews $2 Billion Deposit with Egypt’s Central Bank

The Central Bank of Egypt (CBE) announced that Kuwait has renewed a $2 billion deposit for an additional year, extending its maturity from September 2024 to September 2025.

The renewal was disclosed in the CBE’s latest External Position Report, a quarterly document detailing Egypt’s economic transactions with the rest of the world. According to the report, this is not the first extension of Kuwaiti deposits. Earlier this year, Kuwait rolled over another deposit that was due in April 2024, pushing its maturity date to April 2025.

Kuwaiti deposits are part of a broader network of Gulf financial support that has helped Egypt navigate persistent foreign currency shortages and external financing needs in recent years.

The External Position Report offers a comprehensive analysis of Egypt’s balance of payments, tracking the flow of goods, services, investments, and capital, as well as the country’s net international investment position, which records total foreign assets and liabilities. The report also includes data on Egypt’s external debt and its sustainability.

The deposit renewals highlight continued financial backing from Kuwait at a time when Egypt faces ongoing economic challenges, including high external debt levels and a pressing need to attract foreign investment.