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Kuwait Renews $2 Billion Deposit with Egypt's Central Bank

Taarek Refaat The Central Bank of Egypt (CBE) announced that Kuwait has renewed a $2 billion deposit for an additional year, extending its maturity from September 2024 to September 2025. The renewal was disclosed in the CBE's latest External Position Report, a quarterly document detailing Egypt's economic transactions with the rest of the world. According to the report, this is not the first extension of Kuwaiti deposits. Earlier this year, Kuwait rolled over another deposit that was due in April 2024, pushing its maturity date to April 2025. Kuwaiti deposits are part of a broader network of Gulf financial support that has helped Egypt navigate persistent foreign currency shortages and external financing needs in recent years. The External Position Report offers a comprehensive analysis of Egypt's balance of payments, tracking the flow of goods, services, investments, and capital, as well as the country's net international investment position, which records total foreign assets and liabilities. The report also includes data on Egypt's external debt and its sustainability. The deposit renewals highlight continued financial backing from Kuwait at a time when Egypt faces ongoing economic challenges, including high external debt levels and a pressing need to attract foreign investment. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated