Egypt pays off $1b in debt to US

Egypt has repaid bonds estimated at $1 billion U.S. dollars over ten years, according to the credit department at the global association for financial services, BNY Mellon.

The company, which is the financial agent for transactions and transfers, said the interest rate stood at 8.75 percent, matured over 10 years on July 11.

Egypt ended the procedure of settlement and clearing the amount due in the securities and interest through the financial agent to Euroclear group and Clearstream group, according to the regulations of the securities.