Egypt external debt falls to 18-month low in Q1 2024

The figure is down from the $168.034 billion recorded in the fourth quarter of 2023.

This represents the lowest level in 18 months.

Additionally, the country’s net international reserves reached $46.125 billion at the end of May, the CBE’s data showed.

In February, Egypt signed its largest-ever FDI deal with the UAE’s ADQ (worth $35 billion) to develop the coastal Ras El-Hekma zone.

This project is expected to attract $150 billion in investment.

At the same time, other partners also have committed to finance Egypt, including the World Bank ($6 billion) and the European Union ($8 billion) for three years.

Furthermore, the International Monetary Fund (IMF) has expanded its loan deal with the country from $3 billion to $8 billion through 2026.