Kuwait has agreed “in principle” to extend the maturity of a $2bn deposit placed with the Central Bank of Egypt in September 2013, CBE Governor Tariq Amir said this week.
Kuwait joins Saudi Arabia and the UAE in extending the maturity of deposits of $2bn each placed with the CBE (MEES, 20 October 2017). This will afford Cairo some breathing space regarding its debt relief. With the $6bn from Egypt’s key Gulf backers rolled over, Cairo is now slated to repay $13bn to foreign creditors by the end of 2018, Mr Amir says. (CONTINUED - 387 WORDS)
