CBE repays $2bn in debt, enters $3.1 repurchase deal

CBE repays $2bn in debt, enters $3.1 repurchase deal
Bids submitted to the loan amounted to $4.3 billion

Cairo – Mubasher: The Central Bank of Egypt (CBE) has announced the repayment of $2 billion in debt to several international banks on 9 November and a new repurchase deal.

A financial agreement was also renewed with these banks, which involves the repurchase of $3.1 billion in Egyptian bonds, the CBE said in a statement released Tuesday.

The new repurchase transaction was carried out on Monday, 13 November and has a one-year maturity.

The repayment comes as an emphasis of “Egypt’s commitment to meet all of its liabilities and external debt duly,” the CBE said.

Bids submitted to the loan amounted to $4.3 billion, reflecting the international market’s confidence in the success of Egypt’s economic reform programme.

The banks in question were Barclays, Citigroup Global, Credit Suisse, Deutsche Bank, HSBC, HSBC Middle East, JP Morgan, Natixis, and Nomura International.

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Source: Mubasher

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