Reuters: Egypt to pay off last $1.2B tranche to Afreximbank

CAIRO – 5 December 2017: The Central Bank of Egypt (CBE) will pay back on December 7 the last $1.2 billion tranche of a $3.2 loan to the African Export-Import Bank (Afreximbank), Amr Kamel, deputy head of Afreximbank, told Reuters on Tuesday.

State news agency MENA reported on Monday that the CBE paid off $2 billion to Afreximbank. The total due to the African Bank was $5.2 billion in September, as announced by CBE Governor Tarek Amer.

On Tuesday, Reuters said Egypt could settle an additional $2 billion, thus the total amount paid back is $4 billion. The $1.2 billion remaining debt was announced to be paid off next Thursday.

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.