Kuwait postpones maturity of $4bn loans to Egypt

Kuwait has agreed in principle to postpone the maturity of two deposits worth $4 billion for Egypt, the governor of Egyptian Central Bank, Tariq Amer, said yesterday.

Egypt received the two deposits from Kuwait, each worth $2 billion on 24 September 2013 and on 21 April 2015.

Amer, who made the remarks at the Arab Banking Conference in Cairo, did not disclose when the repayment had been put back to.

Over the past few years, Egypt has experienced a severe foreign currency crisis that has forced the country to sign a $12 billion loan agreement with the International Monetary Fund over three years and float its currency.

Amer announced last year that the UAE and Saudi Arabia have also agreed to postpone the maturity of two deposits worth $4 billion scheduled for 2018.

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