Egypt's external debt reached $40.2 billion at the end of February, said the central bank’s governor, Hisham Ramez.

The ratio of external debt to GDP registered 12% to 13% in February, Ramez said on the sidelines of the Union of Arab Banks conference in Cairo on Monday.

The global economy faces numerous challenges on the back of a decline in oil prices and the slowdown of the Chinese economy’s development rate, added Ramez.