Governor of the Central Bank of Egypt (CBE) Tarek Amer said that $600 million is paid back to the African Export-Import Bank (Afreximbank) on Wednesday. The CBE added that the last $600 million would be repaid next Monday،
Amer added that the total amount of payments owed to the African bank was $3.2 billion، where Egypt disbursed $2 billion of them earlier this week.
“The CBE has repaid $4.6 billion in foreign debts since November… adding the latest Afreximbank installments، the value will reach $5.2 billion،” Amer explained.
The total due to the African Bank was $5.2 billion in September، said Afreximbank President Benedict Oramah at the time.
Afreximbank’s contributions in Egypt included supporting the Egypt-Africa Trade Promotion Program with up to $500 million.
The bank is also working with the Export Development Bank of Egypt to create export credit support schemes to enable exporters to compete in other African countries، providing $1.5 billion.
Egypt’s foreign reserves have increased $20 million in late November, the CBE said on Monday in a statement.
“The foreign reserves at the end of November amounted to $36.723 billion, compared with $36.703 at the end of October,” read the statement.