Egypt to pay $700m in debt to Paris Club

Egypt will pay US$700 million to the Paris Club of creditors later in January as the first installment of debt repayment in 2015 amounting to $1.4 billion.The Paris Club is an informal group of creditors out to cushion the difficulties of creditor nations to deal with debt repayment.

According to the latest report by the Finance Ministry seen by the African Press Agency on Sunday, Egypt will pay the last part of its debt to Qatar worth $500 million this month.

The announcement comes amid concerns over a decline in foreign reserves by 6.1 percent to $15.9 billion at the end of November 2014.