Egypt’s external debt recorded $164.7bn end of June rising 5.8% Y-o-Y: CBE

The Central Bank of Egypt (CBE) said the North African nation’s external debt registered $164.7bn at the end of June 2023, up by about $9.0bn or 5.8% year over year (Y-o-Y).

This resulted from the rise in net disbursements of loans and facilities by $8.9bn and the depreciation of the US dollar exchange rate vis-à-vis the other currencies of the external debt, which led to an increase of $147.9m in book value.

Egypt’s debt breakdown by maturity

By original maturity, Egypt’s external debt reaffirmed its pattern of long-term debt predominance at the end of June 2023.

Long-term debt accounted for $136.6bn, whereas short-term debt accounted for $28.1bn.

By residual maturity, short-term debt amounted to about $49.4bn at the end of June 2023. Meanwhile, long-term debt reached about $115.3bn.

Breakdown by type

Egypt’s Long-term external debt registered $136.6bn, or 82.9% of total external debt at the end of June 2023, up by about $7.5bn compared with the end of June 2022.

Buyers’ and suppliers’ credit reached about $19.9bn, up by $3.5bn at the end of June 2023, compared with the end of June 2022.

Multilateral institutions’ debt reached about $52.9bn, up by $1.7bn, as compared with the end of June 2022.

Other bilateral debt 1 amounted to some $12bn, up by $895.7m.

Non-guaranteed private sector debt reached $1.6bn, up by $752.5m. This rise, which was realized mainly during the period January-March 2023, resulted from a loan of about $750m granted to a private bank by its headquarters.

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 $100m.

Egyptian bonds issued abroad non-resident holdings reached $29.5bn, up by $465.7m. 

The outstanding stock of bonds as of June 2023 includes the following: