Egypt to pay $1.6 billion as debt to Arab countries in 2H 2020: CBE

Egypt has to pay $1.694 billion during the first half of 2020, $5.167 billion during the second half, and $681 million in the first half of 2021, as debts to Arab countries, according to The Central Bank of Egypt (CBE).

The CBE has postponed paying 6.1 billion Egyptian pounds owed to Saudi Arabia in 2019, to be paid in 2020.

These figures came under the deposits payment system that has been amended to extend their periods.

According to CBE data, Saudi deposits to Egypt are estimated at $7.891 billion, including $7.5 billion as principle deposits and $3.9 million as interest.

Saudi deposits consist of four tranches, the first worth $1 billion, of which Egypt has paid $500 million, with the due date extended from 9 November 2019 to 9 November 2020. The second is worth $2 billion that is payable 19 July 2020. The third is worth $3 billion that in payable on 1 July 2019. The fourth deposit is worth $2 billion and is payable from 22 April 2020 until April 2021.

For Kuwaiti deposits, the CBE has adjusted the payments schedule to be paid over two installments starting with a payment of $2 billion in the second half of 2019, and $2.03 billion to be paid in the first half of 2020.

Kuwaiti deposits to Egypt record $4.109 billion as of last July, including two deposits worth $2 billion for each, according to CBE data.

For Emirati deposits, Egypt is to pay $1.183 billion in 2020, $2.155 billion in 2021, $1.456 billion in 2022, and $1.052 billion in 2023, with an increase in the total of the installments sums to reach $722 million in the first half of 2022, up from $33 million.

By the end of June 2019, Arab debt deposits reached $23.5 billion. Saudi Arabia accounts for 8.3 percent of that amount, the United Arab Emirates 8.1 percent, and Kuwait five percent.