Kuwait extends maturities of $2 billion deposit – Egypt c.bank

Kuwait has agreed to extend the maturity of $2 billion of deposit it made with Egypt’s central bank and which were due to mature in April 2021, a recent central bank data showed.

According to the central bank’s latest report on External Position of Egyptian Economy, Kuwait agreed to give Egypt the extended repayment period for the deposit to be in April 2022.

Egypt has received so far deposits worth more than $17 billion from Arab Gulf countries, Saudi Arabia, UAE, and Kuwait, as part of efforts to help the North African country overcome economic downturn since the 2011 uprising.

Kuwait has another deposit with the Egyptian central bank worth $2 billion, due to mature within next month, the report showed.