MENA: CBE pays back $2 billion to Afreximbank on Monday

CAIRO – 4 December 2017: Egypt’s central bank paid back $2 billion to the African Export-Import Bank (Afreximbank) on Monday; part of a $3.2 billion loan the Central Bank of Egypt (CBE) had taken from the lender, state news agency MENA reported on Monday.

Afreximbank President, Benedict Oramah, said in late September during the Euromoney conference, held in Egypt, that total credit facilities presented by his bank to Egypt stand at about $5.2 billion.

In the same month the CBE’s Governor, Tarek Amer, said that Egypt is committed to repaying $5.2 billion before end of December 2017. CBE plans to pay back the remaining $1.2 billion by the end of this month, MENA said.

Afreximbank’s interventions 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, it provided $1.5 billion.

Afreximbank is also assisting Egyptian Small and Medium Enterprises (SME's) to grow and boost their exports.

Egypt’s foreign debt amounted to nearly $79 billion at the end of the fiscal year 2016/2017, ending on July 30, 2017, according to CBE.


Amer told Egypt Today in late October that Egypt is committed to repaying the $13 billion to international institutions by the end of 2018, affirming that the CBE is committed to maintain the country’s foreign reserves at $36 billion.

Finance Minister Amr el-Garhy told Egypt Today on Saturday that the country has never failed in repaying its foreign debts on time. He confirmed the country’s ability to repay between $14-15 billion during current fiscal year 2017/2018.

Egypt embarked on an economic reform program in 2014 resulting in a notable increase in Egypt’s foreign reserves, which stood at $36.703 billion at the end of October.