Egypt is negotiating with Saudi Arabia and Kuwait to extend the maturity of deposits for a new term, high-level government sources told Al-Masry Al-Youm on Friday without disclosing the details of the extension. The two deposits are worth US$4 billion each and are due for recovery this year. The negotiations follow the approval of the renewal of a US$2.6 billion UAE deposit that Egypt received in 2013 and will be due this year, which has been renewed for a further five years. The sources, who asked to remain anonymous, estimated the amount of Arab deposits that Egypt has received between US$25 billion and US$30 billion. Foreign debts rose by 2.3 percent by the end of 2017, compared to the end of 2016 in which the debts amounted to US$67 billion, the CBE revealed.

Source: Egypt Independent February 10, 2018 09:33 UTC