Egypt's external debt declines to 160.6B during Q1 of 2024

In the first quarter of 2024, Egypt saw a reduction of $7.4 billion in its external debt, based on the latest figures provided by the Central Bank of Egypt.

 

By the end of March, Egypt's overall external debt had declined to $160.6 billion, down from $168 billion in December and $164.5 billion in September. Among this, short-term debts were approximately $54.3 billion, with long-term debts totaling around $106.3 billion.

 

During this period, investments flowing into Egypt surpassed those exiting, resulting in a net inflow of $14.6 billion.

 

Notably, external debts to Arab nations stood at $41.6 billion, with a significant portion owed to the UAE, specifically $16.4 billion, representing 10.2 percent of the total external debts.

 

In a significant development, Egypt and the UAE inked a real estate investment agreement in February, where the Abu Dhabi Developmental Holding Company (ADQ) obtained rights for the Ras El Hekma project, marking Egypt's largest foreign investment deal at $35 billion, witnessed by Prime Minister Mostafa Madbouly.

 

Furthermore, in March, Egypt secured an $8 billion support package from the International Monetary Fund (IMF).

 

The IMF disbursed an initial tranche of $820 million in March, with the remaining installments scheduled for semi-annual disbursement until September 2026.