CAIRO – 17 November 2020: The Central Bank of Egypt announced that it has agreed to a 1.5-year extension of the original 4.5-year repurchase transaction originally entered into on October 10th, 2018 with a consortium of international banks. As the result, the overall maturity of the transaction will be of 6 years. “The transaction has been unanimously supported by the current consortium of banks,” CBE clarified. CBE noted that this decision came as it has been approached by a number of syndicate members, proposing to extend the term of a repurchase transaction originally entered into on October 10th, 2018 with a consortium of international banks. The decision came after a careful consideration of the proposal, which is consistent with the CBE’s objective of enhancing its liability management by extending the duration of its debt structure, according to the statement.

Source: Egypt Today November 17, 2020 11:37 UTC