Data issued by the Central Bank of Egypt showed that Egypt's net external debt increased by $8.1 billion in the last quarter of 2021.
According to the data, Egypt's total external debt rose to $145.5 billion at the end of December from $137.4 billion at the end of September. The data showed that the external debt was equivalent to 33.2 percent of GDP at the end of December, up from 32.6 percent at the end of September.
The Monetary Policy Committee of the Central Bank of Egypt decided to raise the overnight deposit and lending rates and the central bank’s main operation rate by 200 basis points to reach 11.25 percent, 12.25 percent and 11.75 percent, respectively.
The Egyptian Minister of Planning and Development, Hala Al-Saeed, affirmed that "The Egyptian private sector is a key partner in the development process." She explained that "Egypt is exiting foreign investments estimated at 40 billion dollars over the next 4 years." She stressed that "Egypt's external debt does not exceed 33 percent of GDP," noting that "more than 91 percent of foreign debt is long-term debt."
Source (CNBC Arabic Website, Edited)
