Egypt’s Local Debt Rose To EGP 1.2 Trillion In FY 2011/12

Egypt’s local public debt rose by 19.6%, registering EGP 1.249 trillion in FY 2011/2012, up from EGP 1.044 trillion in FY 2010/2011.

According to the Central Bank of Egypt’s (CBE) latest report, the ratio of local public debt to gross domestic product (GDP) rose to 79.6% in FY 2011/2012, up from 76.2% in FY 2010/2011.

The net public local debt registered EGP 1.002 trillion, net debt of the National Investment Bank reached EGP 251 billion, net debt of the general economic authorities was EGP 63.1 billion and the intra-indebtedness registered EGP 66.5 billion in FY 2011/2012.