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CBE to repay last tranche to Afreximbank before 2017's end

Wednesday 06/December/2017 - 08:54 PM
Sada El Balad
Hassanein Tayea
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.

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