The value of portfolio investments that flowed into Egypt exceeded that of investments that exited, recording net inflows of $14.6 billion.
Egypt's external debt fell by $7.4 billion in the first three months of 2024, according to the latest data released by the Central Bank of Egypt.
Egypt's total external debt decreased to $160.6 billion at the end of March from $168 billion at the end of December and $164.5 billion at the end of September.
The data indicated that short-term debts amounted to about $54.3 billion at the end of March, while long-term debts amounted to about $106.3 billion.
The value of portfolio investments that flowed into Egypt exceeded that of investments that exited, recording net inflows of $14.6 billion.
The CBE’s data also showed that the value of external debts owed to Arab countries amounted to $41.6 billion, most of which were debts to the UAE amounting to $16.4 billion, or the equivalent of 10.2% of the total external debts.
Earlier in February, Egypt and the UAE signed a real estate investment deal under which Abu Dhabi Developmental Holding Company (ADQ) acquired the rights to develop the Ras El Hekma project.
Prime Minister Mostafa Madbouly witnessed the signing of Egypt's largest foreign investment deal, amounting to $35 billion.
In March, Egypt signed an $8 billion support package with the International Monetary Fund (IMF). The fund disbursed a first tranche amounting to $820 million in March, while the remaining tranches will be disbursed in semi-annual installments until September 2026.
