Wednesday February 21st, 2024
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UAE Renews USD 1 Billion Deposit at Central Bank of Egypt

The latest deposit raises the total Emirati deposits in the Central Bank of Egypt to USD 6 billion.

Cairo Scene

The United Arab Emirates (UAE) has extended a multi-billion dollar deposit with the Central Bank of Egypt (CBE) for an additional three years. Arab nations now contribute to more than 40% of Egypt's USD 35.1 billion in foreign reserves, with the UAE's holdings of USD 5.65 billion in the CBE joined by significant deposits from Saudi Arabia and Kuwait.

Of Egypt's total external debt load of USD 164.73 billion, approximately 28% - or USD 46.2 billion - is owed to Arab countries. Notably, over half of this Arab debt is owed to the UAE.


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