Egypt repays final tranche of Afreximbank loan

Egypt repaid a final tranche of the African Export-Import Bank (Afreximbank) loan worth $500 million, the bank’s vice president Amr Kamel said Sunday.

Egypt’s central bank (CBE) repaid $3.7 billion in total, representing all loans obtained by the central bank to the Afreximbank since liberalising exchange rate.

Egypt’s external debt recorded $82.9 billion at the end of 2017, up from $80.8 billion in September 2017, the central bank said in a statement a week earlier.

The total due to the African Bank was $5.2 billion in September, said Afreximbank President Benedict Oramah at the time.