Egypt External Position Quarterly Report Volume No 72 FY 2020-2021

Central Bank of Egypt
External Position of the Egyptian Economy
July/December 2020/2021
Volume No. (72)

Central Bank of Egypt – External Position
Preface
The External Position of the Egyptian Economy Report is a series produced
by the Economic Research Sector at the Central Bank of Egypt (CBE). The
Report tracks, on a quarterly basis, the international transactions that the
Egyptian economy conducts with the rest of the world. It relies, for this
purpose, on national statistics that are regularly compiled in line with the
SDDS prescriptions.
Enthused by the CBE's keenness to enhance its disclosure,

transparency and communication policy, the Report is meant to serve
several functions. Generally, it spreads, to a broad array of readers,
knowledge of Egypt’s external accounts including the balance of payments,
external debt, international investment position and external liquidity.
Particularly, it monitors key external sector performance indicators of the
economy in order to identify areas of policy needs. The information
revealed in this series has also significant implications for decision-making,
investment climate, doing-business environment and sovereign credit
ratings.
The Report consists of 6 sections. The first section displays the
performance of the key components of Egypt's Balance of Payments
(BOP). The second and third sections review the developments in the
International Investment Position (IIP) and external liquidity. The fourth
and fifth sections show Egypt's external debt with its different
classifications, in addition to the exchange rate developments. The last
section is a statistical part that provides more details on the above
mentioned five sections. The Report ends with a glossary.
The Report is available at the CBE's website www.cbe.org.eg. Hard
copies can be obtained from the Economic Research Sector, 8th floor, 54
El Gomhoreya Street, Cairo.
Table of Contents
Page
Overview
Section I: Balance of Payments (BOP)

BOP Performance 1
1- Current Account 1
2- Capital and Financial Account 4
Section II: International Investment Position (IIP) 7
Section III: External Liquidity

A - Net International Reserves (NIR) 9
9
B - Net Foreign Assets of Banks (NFA)
Section IV: External Debt

A - Breakdown by Maturity 11
B - Breakdown by Type 12
C - Breakdown by Currency 13
D - Breakdown by Creditor 13
E - Breakdown by Debtor Sector 14
F - External Debt Service 14
G- External Debt Indicators 14
Section V: Exchange Rate Developments 17
Section VI: Statistics

Appendix I
1- Balance of Payments 19
2- International Investment Position (IIP) 21
3- Coordinated Portfolio Investment
Survey (CPIS) 22
4- NIR & NFA at Banks 23
5- External Debt by Type 24
6- External Debt Indicators 25
7- External Debt by Debtor 26
8- Foreign Exchange Rates 27
Table of Contents (Cont.)
Page
Appendix II
A- Outstanding External Debt 31-42

B- Outstanding External Debt by Currency 43
C- Projected Medium- and Long-Term Public and
Publicly Guaranteed External Debt Service 44-56
D- Projected Private Sector Non-Guaranteed
Debt Service 57
E- Projected Short-Term Debt Service 58
F- Exchange Rates of the Currencies of External
Debt versus US Dollar 59
Glossary 60
Overview
Following the liberalization of the Egypt’s International Investment
exchange rate in late 2016, the Central Position (IIP) recorded net external
Bank decided to abolish the repatriation liabilities (assets minus liabilities) of
about US$ 202.7 billion at end of Dec.
mechanism on December 4, 2018, 2020, up by 5.7 percent compared to
which was put in place for any new end of June 2020.
investments in foreign currency. As a
result, the official reserves were Net international reserves (NIR)
increased by US$ 1.9 billion to reach
strongly rebuilt again through official
US$ 40.1 billion, covering 7.5 months
channels, and the Egyptian pound of merchandise imports at end of
improved against the US dollar. December 2020.
Egypt's transactions with the external The increase was a result of the rise in
world recorded an overall BOP foreign currencies by about US$ 1.6
surplus of US$ 1.5 billion in the first
half of FY 2020/2021 (against overall billion and in gold by US$ 0.3 billion.
surplus of US$ 410.9 million in the During the preparation of the Report,
corresponding period). The current NIR reached US$ 40.3 billion at end of
account deficit rose by 66.9 percent to April 2021, covering 7.5 months of
US$ 7.6 billion (against US$ 4.6 billion merchandise imports.
in the corresponding period). The Banks’ net foreign assets increased by
capital and financial account resulted US$ 5.9 billion during July/December
in a net inflow of US$ 9.2 billion
(against US$ 5.2 billion in the 2020/2021.
corresponding period). Foreign currency deposits with banks
The improvement in the current decreased by 0.2 percent during the
account deficit was due to the period concerned, reaching US$ 41.4
following developments: billion at end of December 2020. As a
- The services surplus dropped by percentage of total deposits, they made
69.9% to post only US$ 1.9 billion up 15.1 percent.
(compared to US$ 6.3 billion). Total external debt recorded US$
- The non-oil trade deficit increased 129.2 billion at end of Dec. 2020, up by
to about US$ 19.1 billion (against
about US$ 18.0 billion). about US$ 5.7 billion (compared with
- On the other hand, the Egyptian about US$ 123.5 billion at end of June
workers’ remittances increased by 2020).
13.5% to post US$ 15.5 billion
The external debt remains within
(compared to US$ 13.7 billion).
- The oil trade deficit improved to manageable limits, and its position
record only US$ 54.2 million continues to have a favorable structure,
(compared to US$ 733.3 million). as 90.7 percent of the debt is long-term.
- Investment income deficit 1 The weighted average of the inter-
narrowed by 6.0 percent to record bank foreign exchange market rate
US$ 5.4 billion (compared to US$ revealed that the Egyptian pound
5.8 billion). interbank rate appreciated by 2.6
The capital and financial account percent during July/Dec. 2020/2021,
rose by US$ 3.9 billion, to register US$ as the EGP reached 15.7321 per US
9.2 billion in the first half of FY dollar at end of Dec. 2020, against EGP
2020/2021 (compared to US$ 5.2 16.1384 per US dollar at end of June
billion in the same period a year 2020.
earlier).
1
It represents the difference between the income earned investment, direct investments, bank deposits and
and paid from and to the external world on portfolio foreign debt.
.
Section I
Balance of Payments (BOP)

Central Bank of Egypt – External Position 1
BOP Performance
E gypt's transactions with the

external world recorded an
overall BOP surplus of US$ 1.5 billion
1.1: Trade in Goods
Trade volume decreased by 4.6
percent, to reach US$ 45.1 billion (12.0
in the first half of FY 2020/2021 percent of GDP) during July/December
(against an overall surplus of US$ 410.9 2020/21.
million in the corresponding half a year
earlier). The current account deficit The trade deficit increased by US$
rose by 66.9 percent to US$ 7.6 billion 499.2 million, to reach US$ 19.2 billion
(against US$ 4.6 billion in the (5.1 percent of GDP), against US$ 18.7
corresponding period). The capital and
financial account resulted in a net billion, due to the following
inflow of US$ 9.2 billion (against US$ developments:
5.2 billion). Merchandise exports decreased by 9.3
percent to US$ 12.9 billion, reflecting
Chart (1): Egypt's BOP Main Components
US$ bn the decrease in oil exports by 28.9
6.0 percent, to US$ 3.6 billion (27.7 percent
4.0
2.0
of total exports), and the increase in
0.0 non-oil exports by 1.4 percent to US$
-2.0
-4.0
9.3 billion (72.3 percent of total
-6.0 exports). As a result, the exports/
-8.0
Q1 Q2 Q3 Q4 Q1 Q2
imports ratio decreased to 40.2 percent,
2019/2020 2020/2021 from 43.2 percent.
Capital & Financial Account Current Account Overall Balance
Merchandise imports decreased by

2.5 percent to reach US$ 32.1 billion,
Chart (1) shows the developments in due to the decrease in oil imports by
Egypt’s BOP main components, on 37.0 percent to US$ 3.6 billion (11.3
quarterly basis.
percent of total imports), and the
increase in non-oil imports by 4.8
1- Current Account percent to US$ 28.5 billion (88.7
percent of total imports).
The increase in the current account
deficit was mainly traceable to the Chart (2): Oil & Non-oil Exports and Imports
July/Dec.
following developments: US$ bn
20.0
- The services surplus dropped by
10.0
69.9 percent to post only US$ 1.9 0.0
billion (compared to US$ 6.3 -10.0
-20.0
billion).
-30.0
- The non-oil trade deficit -40.0
increased to about US$ 19.1 billion 2018/2019 2019/2020 2020/2021
(against about US$ 18.0 billion). oil exports non-oil exports
- On the other hand, Egyptian oil imports
trade balance
non-oil imports
workers’ remittances increased

by 13.5 percent to post US$ 15.5
billion (compared to US$ 13.7 The following charts illustrate the
billion). distribution of commodity exports by
- The oil trade deficit improved, to the degree of processing and imports by
record only US$ 54.2 million the degree of use during July/December
(compared to US$ 733.3 million). 2020/2021.
- The investment income balance
deficit narrowed by 6.0 percent to
register US$ 5.4 billion (compared
to US$ 5.8 billion).
- As for imports, Egypt's trade

Chart (3): Proceeds of Merchandise Exports
US$ 12.9 bn partners were China, Germany,
UAE, Saudi Arabia, USA, Russia,
Turkey, Italy, and France. These
countries combined, accounted for
some 51.3 percent of total imports.
Fuel, Chart (6): Imports by Geographical Distribution
Semi-
mineral Raw July/Dec. 2020/2021
finished Finished
oils & materials
goods goods
products 9.0%
22.2% 40.6% Russian USA African
28.2%
Federation & 4.8% Countries
C.I.S (Non-Arab) EU
Other EU 5.7% 0.6% Countries
Countries 28.8%
7.1%
Chart (4): Payments for Merchandise Imports Australia &

Other
US$ 32.1 bn, of which Countries
10.0%
Arab
Countries Asian
17.9% Countries
(Non-Arab)
25.1%
Fuel,
mineral Con-
oils &
Raw
materials
Inter-
mediate
Invest-
ment
sumer 1.2: Services Balance
products 9.8% goods
11.8%
goods
31.8%
goods
15.1%
27.7% The services surplus dropped by
69.9% to post only US$ 1.9 billion
(compared to US$ 6.3 billion), as a
Hereunder is the geographical distri- result of the decline in both services
bution of merchandise exports and receipts, and services payments, as
imports: follows:
Chart (7): Services Balance
- Egypt's main trade partners in US$ bn
8.0
terms of exports were UAE, 6.0
USA, UK, Saudi Arabia, 4.0
Switzerland, Italy, India, Turkey 2.0

0.0
and Germany. These countries -2.0
combined, accounted for some -4.0

-6.0
57.9 percent of total exports. Q1 Q2 Q3 Q4 Q1 Q2
2019/2020 2020/2021
Services Receipts Services Payments
Chart (5): Exports by Geographical Distribution Services Balance
July/Dec. 2020/2021
Russian
African
Countries
Federation
&C.I.S
1.2.1: Services receipts decreased by
USA
8.5%
(Non-Arab) 0.8% 46.3 percent to some US$ 7.2 billion
Other EU 2.3%
Countries EU (against about US$ 13.5 billion), driven
Countries
9.9%
28.7% by the decrease in most of its items as
Asian follows:
Countries
(Non-Arab)  Tourism revenues decreased by 75.3
12.5%
Arab
percent to record only US$ 1.8
Australia &
Other Countries billion (against US$ 7.2 billion),
27.4%
Countries driven by the decrease in the number
9.9%
of tourist nights to 15.7 million
nights (against 75.8 million nights).
 Transportation receipts decreased  Travel payments decreased by 35.3

by 17.1 percent to about US$ 3.6 percent to about US$ 1.3 billion
billion (against some US$ 4.4 (against about US$ 2.0 billion), due
billion), due to the decrease in the to the decrease in e-card payments
receipts of Egyptian aviation abroad, and the expenses of tourism.
companies, Suez Canal dues, and
ports services.  Transportation payments decreased
 Government services receipts by 19.0 percent, to US$ 861.5
decreased by 22.1 percent to US$ million (against about US$ 1.1
290.1 million (against US$ 372.2 billion), due to the decrease in the
million), due to the decrease in other amounts transferred abroad for
government services receipts. rental of aircrafts, and for the foreign
airplane companies.
 On the other hand, other services
receipts increased by 4.0 percent to  On the other hand, government
about US$ 1.5 billion (against some services payments increased by 21.7
US$ 1.4 billion), due to the increase percent to US$ 541.3 million
in the receipts of insurance services, (against US$ 444.6 million),
and construction and contracting reflecting the rise in the expenses of
services. the Egyptian embassies abroad.
Chart (8): Services Balance Components & its
US$ bn
components 1.3: Income Balance
6.0
5.0
4.0
Investment income deficit narrowed
3.0 by 6.0 percent to record US$ 5.4 billion
2.0
1.0 (compared to US$ 5.8 billion), on the
0.0 back of the decrease in investment
-1.0
-2.0 income payments by US$ 745.3 million
Q1 Q2 Q3 Q4 Q1 Q2
2019/2020 2020/2021
to about US$ 5.6 billion driven by the
Transportation Services Balance Tourism Services Balance decrease in profits transferred abroad
Government Services Balance Other Services Balance
Services Balance
by the foreign petroleum companies,
interest on external debt, and transfers
1.2.2: Services payments decreased by of interest and dividends on bonds &
25.7 percent, to about US$ 5.3 billion securities. Similarly, investment
(against about US$ 7.2 billion), driven income receipts scaled down to US$
by the decrease in most of its items as 123.1 million (against US$ 520.6
follows: million).
 Other services payments decreased Chart (9): Income Balance
by 28.2 percent to about US$ 2.6 us $ bn
billion (against about US$ 3.7 0.5
billion), driven by the decrease in 0.0

-0.5
the amounts transferred abroad by -1.0
-1.5
foreign petroleum companies and, -2.0
-2.5
insurance fees. -3.0
-3.5
-4.0
Q1 Q2 Q3 Q4 Q1 Q2
2019/2020 2020/2021
Income receipts Income payments Income Balance (net)

1.4: Unrequited Current Transfers (Net)

- The decline in net inflows for
Net unrequited current transfers investments in the oil sector, to
increased by 10.9 percent to about US$ record US$ 158.8 million (against
15.1 billion (from about US$ 13.6 US$ 1.4 billion).
billion), mainly due to the rise in net
private transfers from about US$ 13.5 - The decline of US$ 144.7 million
billion to US$ 15.4 billion, driven by in net inflows for investments in
the increase in workers’ remittances by the non-oil sectors, to register
13.5 percent. On the other hand, net US$ 710.9 million, on the back of
official transfers shifted to net outflows
of US$ 266.4 million (from net inflows the fall in:
of US$135.2 million).  The proceeds from selling
local entities to non-residents
Chart (10): Remittances of Egyptians Working Abroad by US$ 60.1 million to record
US$ bn (%)
US$ 32.7 million;
8.0 2.5
7.0  Net inflows for capital
2
6.0 increases by US$ 46.1 million,
5.0
4.0
1.5
to register US$ 396.1 million;
3.0 1  Inflows for establishing
2.0
1.0
0.5 greenfield projects by US$
0.0 0 23.5 million, to post only US$
Q1 Q2 Q3 Q4 Q1 Q2
2019/2020 2020/2021
18.4 million; and
Workers' Remittances Remittances to GDP (right axis)  Inflows for real estate
purchases in Egypt by non-
Against this background, some of the
external balance indicators changed as residents by US$ 15.0 million,
shown in chart (11). to stand at US$ 263.7 million.
Chart (11): External Balance Indicators July/Dec.

- The decrease in retained earnings
% and credit balances surplus by US$
200.0 187.5 228.4 million, to post US$ 2.5
180.0
160.0 135.5
billion.
140.0
120.0 90.2 82.3
100.0
80.0
The sectorial breakdown of total FDI
60.0
40.0
43.2 40.2 inflows as depicted in chart (12) shows
20.0
0.0
that the oil sector has the biggest share
Current Receipts / Current
Payments
Services Receipts /
Services Payments
Merchandise Exports /
Merchandise Imports (43.0 percent). As for the other sectors,
2019/ 2020 2020/2021 the majority of FDI went to the services
sectors, with 31.3 percent distributed as
2- Capital and Financial Account follows: the financial sector (13.0
percent), the real estate sector (3.8
The capital and financial account rose percent), the communication and
by US$ 3.9 billion, to register US$ 9.2 information technology sector (6.5
billion in the first half of FY 2020/2021,
percent), the tourism sector (0.4
(compared to US$ 5.2 billion in the
same period a year earlier), as an percent), and other services sectors (7.6
outcome of the following percent). The share of the
developments: manufacturing sector was (16.3
A-Net flows of FDI to Egypt percent), the construction sector (2.8
decreased by 32.3 percent to post US$ percent), and the remaining portion was
3.4 billion (against US$ 5.0 billion), as acquired by undistributed sectors.
an outcome of:
Chart (12): Total FDI in Egypt by Economic Sector

July/Dec. 2020/2021
Manufacturing sector Undistributed sectors
16.3% 6.6%
Real estate sector

Construction sector 3.8%
2.8%
Financial sector
13.0%
Other Communication & IT

Petroleum sector 31.3% sector
43.0% 6.5%
Tourism sector
0.4%
Other services
7.6%
B- Portfolio investment in Egypt

D- Short-term suppliers' credit
registered net inflow of about US$
registered net disbursements of US$
10.2 billion (against net inflows of
US$ 273.6 million in the 432.1 million (against net
corresponding period). This was disbursements of about US$ 2.4
due to the easing in the global billion).
financial conditions, despite the
ongoing uncertainty caused by the E- The net change in the liabilities of
Covid-19 pandemic, which reflects the CBE to the external world
foreign investors’ confidence in the posted a net repayment of about US$
Egyptian economy. 2.3 billion (compared to net
repayments of US$ 218.4 million).
C- Medium- and long-term loans &
facilities recorded net disbursements
of about US$ 4.5 billion (compared
to US$ 2.1 billion). This was due to
the increase in disbursements of
medium- and long-term loans and
facilities to about US$ 6.0 billion
(from US$ 3.5 billion), while total
repayments increased to about US$
1.5 billion (from US$ 1.4 billion).
Section II
International Investment Position (IIP)


End of December 2020*
Egypt’s IIP+ at end of Dec. 2020 Chart (2)
recorded net external liabilities (assets Breakdown of Assets by Component
minus liabilities) of about US$ 202.7 Direct
Investment
billion, up by 5.7 percent, compared to Abroad Portfolio
10.9% Investment
US$ 191.8 billion at end of June 2020. Assets
1.4%
The increase in negative net IIP is
mainly attributed to the increase in
Dec. 2020
Egypt's liabilities as compared to the Reserve
Assets
end of June 2020. 50.1% Other
Investments
37.6%
Chart (1)
End of
US$ billion This increase was mainly due to the
100 82.1 69.0 69.9 75.0
50
77.8
following developments:
0
-50
-100 - Other investment increased by 25.4
-150 -176.0 -182.1 -197.1
-200
-191.8 -202.7
percent, to reach about US$ 29.2
-250
-300 -258.1 -251.1 -261.7
-272.1 -280.5
billion.
Dec. March June Sept. Dec.
- Reserve assets increased by 4.7
2019 2020
Assets Liabilities Net IIP
percent to about US$ 39.0 billion.
Source: Appendix I, table (2). - Direct investments abroad increased

by 2.3 percent to about US$ 8.5
Assets and Liabilities by Component: billion.
1-Assets increased by 11.3 percent to
reach about US$ 77.8 billion at end of - Portfolio investments abroad
Dec. 2020, compared to US$ 69.9 increased by 4.8 percent to about
billion at end of June 2020. US$ 1.1 billion.
* Released as of Sept. 2009 according to SDDS

requirements.
+
Updated data in accordance with a new collecting
method for compiling FDI and its earnings to include
all undistributed realized earnings, pursuant to Prime
Minister Decree No. 2732 of 2019. In the former data
compilation method, data were restricted to
reinvested earnings. This modification has been
applied starting from Q1 2018/2019.
2- Liabilities increased by 7.2 percent Indicators:

to about US$ 280.5 billion at end of
Dec. 2020, from about US$ 261.7 - Egypt’s negative net IIP to GDP at
billion at end of June 2020 end of Dec. 2020 increased to
about 54.0 percent, from about
53.0 percent at end of June 2020.
Chart (3)
Breakdown of Liabilities by Component
Chart (4)
Egypt's Net IIP to GDP
Other Direct
Investment
% End of
Investments
in Egypt
37.1%
47.2%
0
-10
Dec. 2020 -20
-48.7 -50.3 -53.0 -53.3 -54.0
-30
Portfolio -40
Investment -50
Liabilities
15.7%
-60
2019 2020
This increase was mainly due to the

following developments: - Assets to liabilities increased to
about 27.8 percent at end of Dec.
- Portfolio investment in Egypt 2020, from about 26.7 percent at
increased by 33.0 percent to about end of June 2020.
US$ 43.9 billion.
Chart (5)
- Other investment increased by 4.6 % Egypt's IIP Assets/Liabilities
End of
percent to about US$ 104.1 billion. 40
31.8
27.5 26.7 27.6 27.8
30
- Foreign Direct Investment in
Egypt increased by 2.6 percent to 20
about US$ 132.5 billion. 10
0
2019 2020
Section III
External Liquidity
External Liquidity
A-Net international reserves (NIR) (US$ mn)

June Dec.
End of
During July/December 2020/2021, NIR 2020 2020
increased by US$ 1.9 billion (against an Net International
38176 40063
Reserves (1-2)
increase of US$ 0.9 billion in the
1- Gross Official Reserves 38180 40068
corresponding period a year earlier) to Gold 4076 4390
reach US$ 40.1 billion, thus covering SDRs 298 279
7.5 months of merchandise imports at Foreign Currencies 33806 35399
end of December 2020. Loans to IMF 0 0
2- Reserve Liabilities 4 5
Reserves/Months of Imports 7.3 7.5
Chart (1): NIR & Months of Imports
Covered
US$ bn (Balance at End of the Month) Month
50.0 B- Net foreign assets of banks (NFA)
9.5
40.0
Banks' net foreign assets increased by
8.5
US$ 5.9 billion during July/December
30.0 7.5 2020/2021 (against an increase of US$
6.5
2.7 billion in the corresponding period
20.0 a year earlier).
5.5
10.0
4.5
Chart (2): Foreign Assets & Liabilities of Banks
0.0 3.5 (End of the Month)
June 2019 Dec. 2019 June 2020 Dec. 2020 US$ bn
25.0
Foreign Currencies
Loans to IMF 20.0
Gold 15.0
Reserves/Months of Imports 10.0
5.0
0.0
The increase was a result of the rise in -5.0

-10.0
foreign currencies by about US$ 1.6 June 2019 Dec. 2019 June 2020 Dec. 2020
billion and in gold by US$ 0.3 billion.
Assets
Liabilities
While the Report was under Net Foreign Assets
preparation, NIR reached US$ 40.3
billion at end of April 2021, covering
7.5 months of merchandise imports.
Foreign currency deposits with banks Chart (3): Developments in Deposits by Local
decreased by 0.2 percent during the and Foreign Currencies
%
LE bn ( End of the Month)
period under review, reaching US$ 35
41.4 billion at end of December 2020. 4600
30
3800 25
3000 20
In contrast, local currency deposits 2200 15
10
increased by 12.0 percent. 1400
5
600
Accordingly, the ratio of foreign 0
-200 -5
currency deposits to total deposits -1000 -10
made up 15.1 percent at end of June 2019 Dec. 2019 June 2020 Dec. 2020
December 2020. Foreign Currency Deposits
Local Currency Deposits
Growth Rate of Foreign Currency Deposits
Growth Rate of Local Currency Deposits

Section IV
External Debt
External Debt
External debt registered US$ 129.2 By residual maturity1, short-term

billion at end of Dec. 2020, up by about debt accounted for 24.2 percent of total
US$ 5.7 billion compared to June 2020. external debt at end of Dec. 2020,
This increase came as a result of the rise compared to 9.3 percent classified by
in net disbursements of loans and original maturity. Meanwhile, long-
facilities by US$ 2.7 billion, alongside term debt accounted for 75.8 percent of
the depreciation of the US$ exchange total external debt, in comparison to
rate vis-a-vis other currencies of 90.7 percent by original maturity.
external debt, which led to an increase
External Debt by Residual (US$
of US$ 3.0 billion in book value. Maturity at end of Dec. 2020 million)
1. Short-term debt by original 11958.7
A- Breakdown by Maturity maturity
By original maturity, external debt 2. Long-term debt maturing within

19250.0
reaffirmed its pattern of a long-term one year
debt predominance at end of Dec. 2020. 3. External debt by residual

Long-term debt accounted for US$ maturity up to 1 year (1+2) 31208.7
117.2 billion or 90.7 percent of the total Percentage to total external debt 24.2
external debt, whereas short-term debt Percentage to NIR 77.9
accounted for US$ 12.0 billion or 9.3 4. Long-term debt by

97987.0
percent. residual maturity
Percentage to total external debt 75.8

Chart (1): External Debt Structure by Original
Maturity
End of Dec. 2020
Short-term
debt
9.3%
Long-term
debt
90.7%
1
While the analytical presentation of external debt by a profile of debt service payments, especially those
original maturity is the norm recommended in the falling due in the near term, and of potential liquidity
External Debt Statistics Guide, residual maturity risks facing the economy. Short-term debt by residual
presentation still draws significant attention. In other maturity comprises all components of short-term debt
words, compilation of external debt statistics based on with original maturity of up to one year, and the
original maturity helps to better understand the nature amounts falling due –under medium- and long-term
of capital flows; while the remaining maturity provides debt by original maturity– within one year or less.
B- Breakdown by Type i. A new issuance of Green Bonds

issued in US dollar reached an
1-Long-term external debt registered outstanding stock of about US$
US$ 117.2 billion (90.7 percent of total 737.2 million,
external debt) at end of Dec. 2020, up ii. about US$ 4.6 billion of Euro-
by about US$ 4.6 billion compared to bonds denominated in euro,
the end of June 2020; of which: iii. about US$ 352.4 million of
 Multilateral institutions' debt sovereign notes; and
reached some US$ 46.6 billion, up iv. Roughly US$ 19.4 billion of
by 8.4 percent relative to June 2020. Eurobonds issued in US dollar.
 Bonds issued abroad (non-resident The following table shows the nominal
holdings) reached US$ 25.0 billion, values of these bonds as well as their
up by 4.8 percent. Bonds issue and maturity dates by the end of
outstanding stock include: Dec 2020:
Bonds Issued Abroad as at end of December 2020
Total Nominal Nominal Value Issue

Bonds Maturity
Value (US$ mn) (US$ mn) Date
Sovereign Notes 500 500 Apr-10 Apr-40
1500 Jun-15 Jun-25
4000 Jan-17 2022/ 2027/ 2047 (Jan)
3000 May-17 2022/ 2027/ 2047 (Jan)
Euro-Bond issued
23500 4000 Feb-18 2023/ 2028/ 2048 (Feb)
in USD
4000 Feb-19 2024/ 2029/ 2049 (Mar)
2000 Nov-19 Nov 2023 /Jan 2032/ Nov 2059
5000 May-20 2024/ 2032/ 2050 (May)
Euro-Bond 2000 Apr-18 2030/ 2026 (Apr)
4000
dominated in EUR 2000 Apr-19 2031/ 2025 (Apr)
Green-Bonds
750 750 Oct-20 Oct-25
issued in USD
 Other bilateral debt 1 amounted to These deposits are distributed as

some US$ 11.4 billion, up by 10.3 follows:
percent.
i. US$ 5.7 billion for United
 Buyers' & suppliers' credit reached Arab Emirates;
about US$ 12.3 billion, up by 7.9 ii. US$ 5.5 billion for Saudi
percent. Arabia; and
 Repurchase Agreements (Repo) iii. US$ 4.0 billion for Kuwait.
recorded US$ 4.0 billion at end of
Dec. 2020 up by 2.2%.  Rescheduled bilateral debt reached
 Whereas long-term deposits placed around US$ 2.3 billion, down by
at the CBE by some Arab countries 6.7 percent.
decreased to amount US$ 15.2  Non-guaranteed debt of the private
billion down by 11.7%. sector registered US$ 402.3
million, down by 4.6 percent.
1
Including Liquidity Support Facility (LSF) from
China Development Bank (CDB) to CBE that
amounted to about US$ 1.6 billion at end of Dec. 2020.
Chart (2): External Debt Structure Chart (3): External Debt Structure by Currencies
End of Dec. 2020 End of Dec. 2020
Other bilateral
Repo debt Short-term Other Japanese
3.1% 8.8% debt currencies yen
Rescheduled 9.3% 1.6% 2.1%
bilateral debt Kuwaiti
1.8% Buyers' & dinar
suppliers' 2.6%
Private sector credit
(non- 9.5% Chinese
guaranteed) US dollar yuan
0.3% Multilateral Deposits 60.1% 3.0%
institutions 11.7% SDRs Euro
36.1% Bonds 16.7% 13.9%
19.4%
2- Short-term debt increased by about D- Breakdown by Creditor

US$ 1.1 billion to about US$ 12.0
billion or 9.3 percent of total external Debt distribution by creditor indicates
debt. Its ratio to net international that US$ 46.6 billion were owed to
reserves edged up to 29.8 percent at end multilateral institution (mainly; IMF
of Dec. 2020 from 28.5 percent at end US$ 20.4 billion, IBRD US$ 11.6
of June 2020. billion, EIB US$ 3.6 billion and ADF &
AFDB US$ 2.8 billion). Additionally,
C- Breakdown by Currency US$ 23.9 billion were owed to Arab
countries mainly; UAE (8.1 percent of
Measuring the currency composition of total external debt), Saudi Arabia (5.6
Egypt's external debt is an important percent), and Kuwait (4.5 percent).
indicator that sheds light on the external Meanwhile, US$ 10.3 billion came from
debt exposure to currency markets' five members of Paris Club countries,
volatility. namely; Germany (US$ 3.2 billion),
Japan (US$ 2.6 billion), France (US$ 2.0
The currency composition of the debt billion), UK (US$ 1.9 billion), and USA
indicates that the US dollar is the main (US$ 0.6 billion). In addition, US$ 7.3
borrowing currency (US$ 77.7 billion). billion were owed to China.
This includes other outstanding
obligations in US dollar to creditors Chart (4): External Debt by Creditor
End of Dec. 2020
other than the USA such as international
USA
institutions. 0.5% France
1.5%
Multilateral
Other major currencies recorded US$ institutions
36.1%
UK
1.5%
51.5 billion, distributed as follows:
Japan
SDRs was the runner-up (US$ 21.5 Bonds
2.0%
19.4%
billion), followed by the euro (US$ 17.9 Germany
Arab 2.5%
billion), the Chinese yuan (US$ 3.9 countries China
18.5% 5.7%
billion), the Kuwaiti dinar (US$ 3.4 Other
countries
billion), the Japanese yen (US$ 2.6 12.3%
billion), and other currencies (US$ 2.2

billion).
 
Including Egypt’s allocation of SDRs by the IMF, extended fund International Monetary Fund (IMF), International Bank for
facility, rapid financing instrument and the stand-by arrangement Reconstruction and Development (IBRD), European Investment
Bank (EIB), African Development Fund (ADF), and African
by IMF.
Development Bank (AFDB).

Including US$ 750 million Repo transaction.
E- Breakdown by Debtor Sector F- External Debt Service
The structure of Egypt’s external debt Debt service reached US$ 7.8 billion
by debtor sector at end of Dec. 2020 (installments repayment registered US$
reveals that: 5.8 billion, and paid interest US$ 2.0
billion) during July/Dec. 2020/2021
- The general government remains
compared to US$ 6.9 billion during
the main obligor, with a share of
July/Dec. 2019/2020. This increase was
around 60.0 percent of external debt.
mainly due to the increase in
Its debt rose by US$ 7.9 billion at
installments repayment by about US$
end of Dec. 2020 compared to June
0.8 billion to record US$ 5.8 billion.
2020, to reach US$ 77.2 billion,
contributing for all the increase of
the external debt stock at end of Dec. US$ mn Chart (6): Debt Service Repayments
2020. 8000
7000
6000
- Banks' external debt increased by 5000
about US$ 0.2 billion to US$ 12.2 4000
3000
billion. 2000
1000
0
- On the other hand, Central Bank’s Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
external debt decreased by about 2018/2019 2019/2020 2020/2021
US$ 1.9 billion to US$ 26.0 billion.
Interest Installments Debt Service
- Other sectors' debt decreased by
about US$ 0.5 billion to US$ 13.8
billion.
G- External Debt Indicators1
Chart (5): External Debt by Debtor
% End of As for the external debt in terms of
100 international comparison, Egypt's debt
80 remains within manageable limits.
60 Based on IMF classification, comparing
40 Egypt's key debt indicators with those
20 of other regional country groups2 shows
0 that:
Dec. 2019 June 2020 Dec. 2020
General Government Central Bank - Egypt's debt stock to GDP

Other Sectors Banks represented 34.0 percent at end of
Dec. 2020 (56.3 percent for Latin
America and the Caribbean and
53.9 percent for the Middle East and
Central Asia).
1 2
For more indicators, refer to appendix I, table No. 6. Source: World & Regional Economic Outlook Reports,
April 2021.
- Egypt's short-term external debt to Chart (7): External Debt Indicators

% End of Dec.
total external debt at end of Dec. 60
2020 registered 9.3 percent (12.9 50
percent for Latin America and the 40
30
Caribbean, and 22.2 percent for the 20
Middle East and Central Asia). 10
0
2018 2019 2020
Government External Debt/Total External Debt
- Egypt's debt-service ratio External Debt/ GDP
Short-term Debt/ Net International Reserves
registered 45.0 percent in the year Short-term Debt/ Total External Debt
ended in Dec. 2020 (59.0 percent
Debt Service Indicators
for Latin America and the %
(Annual)
50
Caribbean, and 31.8 percent for the
40
Middle East and Central Asia).
30
20
10
0
Dec. 2018 Dec. 2019 Dec. 2020
Debt Service/ Current Receipts (including transfers)
Debt Service/ Exports of Goods & Services
 that year. This ratio is considered to be a key indicator of

Debt-Service Ratio: The ratio of debt service (interest
and principal payments due) in a year, expressed as a a country’s debt burden.
percentage of exports (typically of goods and services) for
Section V
Exchange Rate Developments

Exchange Rate Developments

On the 3rd of November 2016, the CBE (ii) Market Rate:
took the decision of the liberalization of
the Egyptian pound exchange rate, to be At end of Dec. 2020, according to the
quoted according to the dynamics of foreign exchange market (buying
supply and demand. This decision price), most of currencies appreciated
came as part of the economic reform versus the Egyptian pound: the pound
program. sterling increased by 8.5 percent, the
euro by 6.8 percent, the Chinese yuan
(i) Inter-bank Rate1: by 5.5 percent, the Swiss franc by 5.1
percent, and the Japanese yen by 1.9
During July/Dec. 2020/2021, the
percent. On the other hand, the UAE
weighted average of the US dollar
dirham, the US dollar and the Saudi
in the Egyptian inter-bank market
depreciated by 2.5 percent to EGP riyal decreased by 2.5 percent and so
15.7321 at end of Dec. 2020, (against did the Kuwaiti dinar by 1.4 percent.
EGP 16.1384 at end of June 2020).
Chart (1): Exchange Rate of USD & Euro against EGP
EGP
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20
2019/2020 2020/2021
USD Interbank rate(average) USD market rate(buying price)
Euro market rate(buying price)
1
The inter-bank foreign exchange market was
launched in Egypt in December 2004.
Section VI
Statistics
Appendix I
Table Page
I- Balance of Payments
BOP Current Account ……………………………………… 1 19
BOP Capital and Financial Account (contd.) ……………… 20
II- International Investment Position (IIP) 2 21
III- Coordinated Portfolio Investment Survey (CPIS) 3 22
IV- External Liquidity
NIR & NFA at Banks ……………………………………… 4 23
V- External Debt
External Debt by Type …………………………………........ 5 24
External Debt Indicators ……………………………………. 6 25
External Debt by Debtor ……………………………………. 7 26
VI- Exchange Rate Developments
Foreign Exchange Rates……………………………………… 8 27

Central Bank of Egypt - External Position 19
Table (1) Balance of Payments
(US$ mn)
July/Dec 2019* July/Dec 2020*
Trade Balance -18704.0 -19203.2

Exports** 14251.0 12924.0
Petroleum 5044.9 3586.4
Other Exports 9206.1 9337.6
Imports** -32955.0 -32127.2
Petroleum -5778.2 -3640.6
Other Imports -27176.8 -28486.6
Services Balance 6280.9 1892.0
Receipts 13460.1 7223.9
Transportation 4393.9 3644.4
of which: Suez Canal 3032.1 2897.3
Travel 7249.7 1787.9
Government receipts 372.2 290.1
Other 1444.3 1501.5
Payments 7179.2 5331.9
Transportation 1063.2 861.5
Travel 1991.6 1287.7
Government Expenditures 444.6 541.3
Other 3679.8 2641.4
Income Balance -5793.6 -5445.8
Income receipts 520.6 123.1
Income payments 6314.2 5568.9
of which: Interest paid 1615.9 1330.3
Transfers (Net) 13642.5 15122.8
Private Transfers (Net) 13507.3 15389.2
of which: Workers' Remittances 13676.5 15521.4
Official Transfers (Net) 135.2 -266.4
Current Account Balance -4574.2 -7634.2
Table (1) Balance of Payments (contd.)
(US$ mn)
July/Dec 2019* July/Dec 2020*
Capital & Financial Account 5234.1 9172.4

Capital Account -104.0 -88.1
Financial Account 5338.1 9260.5
Direct Investment Abroad -215.3 -190.6
Direct Investment in Egypt (Net) 4958.5 3357.3
Portfolio Investment Abroad (Net) 106.4 -648.0
Portfolio Investment in Egypt (Net) 273.6 10168.6
of which: Bonds 1545.1 740.0
Other Investment (Net) 214.9 -3426.8
Net Borrowing 4560.7 4963.1
M&L-Term Loans (Net) 2431.4 2516.6
Drawings 3493.8 3473.1
Repayments -1062.4 -956.5
MT-Suppliers' Credit (Net) -320.1 2014.4
Drawings 13.7 2561.3
Repayments -333.8 -546.9
ST-Suppliers' Credit (Net) 2449.4 432.1
Other Assets -2971.7 -5410.6
Central Bank -184.1 -97.3
Banks 546.3 -5169.1
Other -3333.9 -144.2
Other Liabilities -1374.1 -2979.3
Central Bank -218.4 -2278.1
Banks -1155.7 -701.2
Net Errors & Omissions -249.0 -72.2
Overall Balance 410.9 1466.0
Change in CBE Reserve Assets ,Increase(-) -410.9 -1466.0
* Preliminary.
** Include free zones exports and imports.
Table (2) International Investment Position (IIP)

(US$ mn)
* *
End of June 2020 December 2020
Assets Liabilities Assets Liabilities
Total 69911.9 261688.5 77836.6 280478.1
1- Direct investment 8290.5 129133.6 8481.1 132476.6
2- Portfolio investments 1082.8 32963.7 1134.3 43851.3
Equity security 361.4 1453.5 442.6 877.5
Debt security 721.4 31510.2 691.7 42973.8
3- Other investments 23320.2 99591.2 29248.4 104150.2
Trade credits 0.0 4645.8 0.0 3109.9
General government 0.0 0.0 0.0 0.0
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 0.0 0.0 0.0
Other sectors 0.0 4645.8 0.0 3109.9
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 4645.8 0.0 3109.9
Loans 370.6 72953.3 351.4 80755.3
Monetary authorities 0.0 6918.9 0.0 6777.2
long-term 0.0 6802.3 0.0 6706.9
Short-term 0.0 116.6 0.0 70.3
Long-term 0.0 45452.8 0.0 50159.8
Short-term 0.0 0.0 0.0 2000.0
Banks 370.6 10895.6 351.4 11107.7
Long-term 198.3 8359.7 203.6 8140.4
Short-term 172.3 2535.9 147.8 2967.3
Other sectors 0.0 9686.0 0.0 10710.6
Long-term 0.0 9686.0 0.0 10710.6
Short-term 0.0 0.0 0.0 0.0
Currency and deposits 22949.6 20756.1 28897.0 18991.0
Long-term 0.0 17188.4 0.0 15179.8
Short-term 0.0 2542.6 0.0 2751.9
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 0.0 0.0 0.0
Banks 15282.6 1025.1 20445.0 1059.3
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 1025.1 0.0 1059.3
Other sectors 7667.0 0.0 8452.0 0.0
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 0.0 0.0 0.0
Other assets / Liabilities 0.0 1236.0 0.0 1294.0
Long-term 0.0 1236.0 0.0 1294.0
Short-term 0.0 0.0 0.0 0.0
Banks 0.0 0.0 0.0 0.0
Other sectors 0.0 0.0 0.0 0.0
4- Reserves assets 37218.4 0.0 38972.8 0.0
*
Preliminary.
Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of December 2020
Breakdown of portfolio investment assets by economy of residence of the issuer
(US$ mn)
Country of non-resident issuer Equities Long-term debt securities Short-term debt securities Total
Austria 0.0 0.0 3.4 3.4
Bahrain 7.3 15.4 0.0 22.7
China, P.R. Mainland 0.1 0.0 10.9 11.0
Cyprus 2.9 0.0 0.0 2.9
Czech Republic 12.4 0.0 0.1 12.5
France 0.0 0.0 41.0 41.0
Germany 0.0 0.0 0.3 0.3
India 0.0 0.0 0.3 0.3
Indonesia 0.0 8.0 0.0 8.0
Italy 11.9 0.0 0.1 12.0
Japan 0.0 5.0 0.0 5.0
Jordan 31.4 0.0 0.6 32.0
kenya 0.0 0.0 0.1 0.1
Kuwait 0.0 15.0 0.0 15.0
Lebanon 2.6 0.0 0.1 2.7
Luxembourg 0.8 0.0 0.0 0.8
Malaysia 14.9 8.2 0.0 23.1
Morocco 0.0 0.0 1.2 1.2
Nigeria 5.2 0.0 0.0 5.2
Oman 0.0 59.9 0.0 59.9
Qatar 0.0 10.0 0.1 10.1
Saudi Arabia 33.3 74.8 5.5 113.6
Singapore 17.0 0.0 0.0 17.0
South Africa 0.0 2.2 0.0 2.2
Spain 1.4 0.0 0.0 1.4
Sudan 2.1 0.0 1.4 3.5
Switzerland 22.6 0.0 56.6 79.2
Tunisia 0.1 2.2 0.0 2.3
Turkey 0.0 0.0 0.3 0.3
United Arab Emirates 3.2 41.5 0.9 45.6
United Kingdom 47.0 2.4 26.0 75.4
United States 5.9 98.3 199.9 304.1
International Organizations 220.5 0.0 0.0 220.5
Total 442.6 342.9 348.8 1134.3

Table (4) Net International Reserves & Net Foreign Assets at Banks
Central Bank of Egypt - External Position

(US$ mn)
End of June 2018 Dec. 2018 June 2019 Dec. 2019 June 2020 Dec. 2020
Net International Reserves (1-2) 44259 42551 44481 45420 38176 40063
1- Gross Official Reserves 44262 42555 44485 45424 38180 40068
Gold 2641 2716 2821 3301 4076 4390
SDRs 2706 586 453 280 298 279
Foreign Currencies 38898 39242 41204 41840 33806 35399
Loans to IMF 17 11 7 3 0 0
2- Reserve Liabilities 3 4 4 4 4 5
Banks' Net Foreign Assets 449 -6394 2141 4812 -2138 3761
Assets 16761 11411 18533 20048 16601 21799
23
Liabilities 16312 17805 16392 15236 18739 18038
Table (5) External Debt by Type
(US$ mn)
End of December 2016 2017 2018 2019 2020 +
Total External Debt 67322.6 82884.5 96612.1 112670.6 129195.7
1- Long term debt 55377.3 71756.1 86271.1 101386.4 117237.0
Rescheduled bilateral debt * 4330.2 4059.4 3413.9 2802.1 2332.4
ODA 4088.3 3837.0 3249.8 2692.4 2274.7
Non-ODA 241.9 222.4 164.1 109.7 57.7
Other bilateral debt 5973.1 6956.7 8989.4 10257.6 11351.1
Paris Club countries 3423.9 4105.1 4526.9 5548.4 6456.9
Other countries++ 2549.2 2851.6 4462.5 4709.2 4894.2
Multilateral Institutions 19481.1 26036.9 28999.0 34727.6 46619.0
Suppliers' & buyers' credits 4548.9 7509.0 9240.4 11369.0 12292.3
Repo 0.0 0.0 3808.7 3808.7 4014.6
Bonds 2687.4 8881.5 13974.0 20862.5 25045.5
Deposits 18200.0 17906.1 17400.0 17198.7 15179.8
Private sector debt (non-guaranteed) 156.6 406.5 445.7 360.2 402.3
2- Short-term debt 11945.3 11128.4 10341.0 11284.2 11958.7
Currency and deposits 4420.4 3918.8 3687.3 3410.4 3811.2
Loans & trade credits 7524.9 7209.6 6653.7 7873.8 8147.5
Source: Central Bank of Egypt.
+
Provisional
++
Including liquidity support facility agrement provided by China Development Bank to the Central Bank of Egypt.
24
*
According to the agreement signed with Paris Club countries on May 25, 1991.
Table (6) External Debt Indicators
+ +
December 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021
External Debt /GDP* (at current market prices) % 28.7 33.1 32.0 31.2 34.0
External Debt / Exports (G&S) (annually) % 200.2 193.3 187.2 210.5 322.2
Short-term Debt / External Debt % 17.7 13.4 10.7 10.0 9.3
Short-term Debt / Net International Reserves % 49.2 30.1 24.3 24.8 29.8
**
Debt Service (Principal & Interest) (US$ mn.) 3730.1 8619.9 7328.8 6902.7 7770.6
Debt Service / Exports (G&S) % 21.9 37.8 27.0 24.9 38.6
Debt Service / Current Receipts % 13.7 23.8 18.5 16.5 22.0
Interest / Exports (G&S) % 3.3 4.8 5.4 7.2 10.1
External Debt per Capita (US$) 669.9 786.4 900.4 1040.3 1192.9
+
Provisional.
* The annual GDP is calculated in US dollar by having the sum total of the quarterly GDP released by the Ministry of planning
25
and Economic Development after being evaluated in US dollar based on the average exchange rate for each quarter.
**Including interest payments on bonds floated abroad.
Table (7) External Debt by Debtor

(US$ mn)
*
End of June 2020 % December 2020 % Change +/(-) %
Total External Debt 123490.5 100.0 129195.7 100.0 5705.2 4.6

Long-term 112624.5 91.2 117237.0 90.7 4612.5 4.1
Short-term 10866.0 8.8 11958.7 9.3 1092.7 10.1
General Government 69352.1 56.2 77205.3 59.8 7853.2 11.3
Long-term debt 69352.1 56.2 75205.3 58.2 5853.2 8.4
Debt securities 23899.3 19.4 25045.5 19.4 1146.2 4.8
Loans 45452.8 36.8 50159.8 38.8 4707.0 10.4
Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0
Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Short-term debt 0.0 0.0 2000.0 1.6 2000.0 0.0
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Loans 0.0 0.0 2000.0 1.6 2000.0 0.0
Central Bank 27885.9 22.6 26002.9 20.1 (1883.0) (6.8)
Long-term debt 25226.7 20.4 23180.7 17.9 (2046.0) (8.1)
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Loans 6802.3 5.5 6706.9 5.2 (95.4) (1.4)
Currency and deposits 17188.4 13.9 15179.8 11.7 (2008.6) (11.7)
Special Drawing Rights 1236.0 1.0 1294.0 1.0 58.0 4.7
Short-term debt 2659.2 2.2 2822.2 2.2 163.0 6.1
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Loans 116.6 0.1 70.3 0.1 (46.3) (39.7)
Banks 11920.7 9.6 12167.0 9.4 246.3 2.1
Long-term debt 8359.7 6.8 8140.4 6.3 (219.3) (2.6)
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Loans 8359.7 6.8 8140.4 6.3 (219.3) (2.6)
Short-term debt 3561.0 2.8 4026.6 3.1 465.6 13.1
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Loans 2535.9 2.0 2967.3 2.3 431.4 17.0
Other Sectors 14331.8 11.6 13820.5 10.7 (511.3) (3.6)
Long-term debt 9686.0 7.8 10710.6 8.3 1024.6 10.6
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Trade credits 0.0 0.0 0.0 0.0 0.0 0.0
Loans 9686.0 7.8 10710.6 8.3 1024.6 10.6
Short-term debt 4645.8 3.8 3109.9 2.4 (1535.9) (33.1)
Debt securities 0.0 0.0 0.0 0.0 0.0 0.0
Trade credits 4645.8 3.8 3109.9 2.4 (1535.9) (33.1)
Loans 0.0 0.0 0.0 0.0 0.0 0.0
* Provisional.
Table (8) Foreign Exchange Rates (In LE per foreign currency unit )

End of June 2020 December 2020
First: Interbank Rates *
Weighted average 16.1384 15.7321
Second : Market Rates Buy Sell Buy Sell
US Dollar 16.0869 16.1869 15.6842 15.7842
Euro 18.0190 18.1326 19.2366 19.3640
Pound Sterling 19.7371 19.8581 21.4183 21.5517
Swiss Franc 16.9229 17.0353 17.7886 17.9101
100 Japanese Yens 14.9299 15.0269 15.2141 15.3155
Saudi Riyal 4.2883 4.3158 4.1805 4.2074
Kuwaiti Dinar 52.2388 52.5806 51.5299 51.9096
UAE Dirham 4.3792 4.4072 4.2695 4.2976
Chinese Yuan 2.2723 2.2896 2.3979 2.4135
Source: CBE daily exchange rates.
27
* The interbank rates were launched on December 23, 2004.
Appendix II
Table Page
I- Outstanding External Debt
Outstanding Stock ………………………………..………………………… 1 31
Outstanding Stock by Creditor …………...………………………………… 2 33
- Medium- and Long-Term Public & Publicly Guaranteed External Debt
By Creditor:
a. Rescheduled Debt………………………………………………….... 3 35
b. Non-Rescheduled Debt………………………………........................ 4 36
c. Multilateral Institutions……………………………………………… 5 37
d. Bonds & Notes …………………………………....……………….. 6 39
e. Deposits…………………………………………………………….. 7 40
- Medium- and Long-Term Private Sector Non-Guaranteed External Debt
by Creditor Country. ……………………………………...……………… 8 41
- Short-Term External Debt ……………………………………...………... 9 42
II- Outstanding External Debt by Currency…….…………………………… 10 43
III- Projected Medium- and Long-Term Public and Publicly Guaranteed
External Debt Service……………………..……………………………… 11 44
a- Rescheduled Debt …………………...……………………….…............ 12 46
b- Non-Rescheduled Debt…………..……………………………………... 13 47
c- Multilateral Institutions………………………………………................. 14 48
d- Bonds & Notes:
- Sovereign Notes……………………………………………………...... 15 50
- Euro-Bond issued in USD……………………..……………................ 16 51
- Euro-Bond dominated in EUR….……………...……..……………….. 17 52
- Green -Bonds issued in USD …………………………………………. 18 53
e- Deposits
- Medium- and Long-Term Deposits for Kuwait..…………………........ 19 54
- Medium- and Long-Term Deposits for Saudi Arabia…………………. 20 55
- Medium- and Long-Term Deposits for United Arab Emirates……….. 21 56
IV- Projected Private Sector Non-Guaranteed Debt Service………………… 22 57
V- Projected Short-Term Debt Service……………………………………….. 23 58
VI-Exchange Rates of the Currencies of External Debt Versus US Dollar..... 24 59
- Glossary ……………………………………………………………………… 60
Table ( 1 )
External Debt
Outstanding Stock as at End of December
*
(US$ million)
Total Debt
2017 2018 2019 2020
1- Medium-and Long-Term Public
& Publicly Guaranteed Debt 71,349.56 85,825.39 101,026.14 116,834.62
A. Rescheduled Debt 4,059.34 3,413.90 2,802.05 2,332.42
(1)
B. Non Rescheduled Debt 14,465.73 22,038.46 25,435.33 27,657.81
(2)
C. Multilateral Institutions 26,036.92 28,998.98 34,727.60 46,619.03
(3)
D. Bonds &Notes 8,881.48 13,974.05 20,862.48 25,045.54
Sovereign Notes 972.79 908.50 961.50 352.40
Euro-bond issued in US$ 7,908.69 10,934.60 15,653.98 19,352.40
Euro-bond dominated in EUR currency 0.00 2,130.95 4,247.00 4,603.54
Green-Bonds issued in US$ 0.00 0.00 0.00 737.20
(4)
E. Deposits 17,906.09 17,400.00 17,198.69 15,179.82
2- Medium and Long-Term
Private Sector Non-Guaranteed 406.50 445.69 360.24 402.34
3- Short-Term Debt 11,128.44 10,341.02 11,284.17 11,958.73
(5)
Currency and Deposits (Non-Residents) 3,918.84 3,687.28 3,410.41 3,811.22
Trade Credits 2,952.21 4,170.91 4,758.18 3,109.90
(6)
Loans 1,157.39 2,482.83 2,615.58 5,037.61
Repo 3,100.00 0.00 500.00 0.00
Grand Total 82,884.50 96,612.10 112,670.55 129,195.69
* Using end of period exchange rate.
(1) Includes US$ 12,287.52 million buyer credits, US$ 3,264.60 million & US$ 750 million representing Repo Transactions, US$ 1,557.30 million representing China facility agreements,
and US$ 4.64 million supplier credits .

(2) Includes US$ 12,381.38 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million,
Third, Fourth, Fifth and Sixth Tranches amounted SDR 1,432.76 million each), US$ 2,933.97 million representing Rapid Financing Instrument (RFI), US$ 2,084.88 million
& US$ 1,667.89 million representing First & Second Tranches of Standby Agreement (SBA) respectively, all provided by IMF, and US$ 1,294.01 million representing SDR allocation
by IMF to its member countries, Egypt’s share is SDR 898.45 million.

(3) Representing non-residents' subscriptions.
(4) Representing United Arab Emirates, Saudi Arabia & Kuwait deposits amounted US$ 5679.82 , 5500 and 4000 million respectively .
(5) Includes US$ 2,751.89 million representing Chinese Currency Swap Arrangement .
(6) Includes US$ 2,000 million representing Loan Provided by Emirates NBD Capital limited and First Abu Dhabi Bank and US$ 1,000 million representing AFREXIM Bank Loans.
Figure 1-1
External Debt
130.0
120.0
110.0
100.0
90.0
80.0
70.0
( US$bn )
60.0
50.0
40.0
30.0
20.0
10.0
0.0
2017 2018 2019 2020
Figure 1-2

External Debt
Outstanding Stock as at End of December 2020
Short-Term Debt
Private Sector Non- 9.26% Rescheduled Debt
Guaranteed 1.80%
0.31%
Non Rescheduled Debt
21.41%
Deposits
11.75%
Bonds & Notes

19.39%
Multilateral Institutions
36.08%
32
Table ( 2 )
External Debt by Creditor
(US$ million)(1)
Total Debt
2017 2018 2019 2020
Medium and Long-Term Public & Publicly Guaranteed Debt
Creditor
(2)
Group of Banks 0.00 10,520.75 11,999.24 11,479.28
China 2,100.26 3,731.16 4,121.76 4,481.10
Germany 6,808.07 2,926.36 2,902.86 2,973.58
Japan 2,153.05 2,258.11 2,409.26 2,577.44
Kuwait 989.37 998.62 1,242.81 1,572.19
France 1,726.41 1,326.16 1,338.76 1,561.69
Saudi Arabia 581.78 1,187.13 1,350.16 1,466.68
United Arab emirates 681.50 882.58 844.50 793.94
(3)
United Kingdom 265.04 10.97 7.64 753.66
Russia 0.00 0.00 495.50 623.10
United States 1,340.01 1,045.00 862.51 567.51
Spain 251.56 261.68 282.63 291.81
Canada 38.44 32.63 30.77 253.50
Bahrain 264.06 0.00 0.00 170.00
Korea 0.00 0.00 129.81 143.61
Hungary 0.00 0.00 0.00 93.54
Italy 936.86 58.40 51.63 50.71
Austria 75.25 62.97 51.48 45.80
The Netherlands 58.76 50.61 44.05 41.70
Denmark 102.58 77.92 57.62 41.65
Switzerland 20.82 14.38 9.92 5.45
Finland 2.93 2.44 2.05 1.87
Belgium 99.07 3.75 1.98 0.27
Norway 0.95 0.70 0.43 0.15
Sweden 0.07 0.05 0.03 0.01
Qatar 28.24 0.00 0.00 0.00
Multilateral Institutions 26,036.92 28,998.98 34,727.60 46,619.03

Deposits, Bonds and Notes
Deposits 17,906.09 17,400.00 17,198.69 15,179.82
United Arab Emirates 5,906.09 5,900.00 5,698.69 5,679.82
Saudi Arabia 7,500.00 7,500.00 7,500.00 5,500.00
Kuwait 4,000.00 4,000.00 4,000.00 4,000.00
Libya 500.00 0.00 0.00 0.00
Bonds & Notes 8,881.48 13,974.05 20,862.48 25,045.54
Sovereign Notes 972.79 908.50 961.50 352.40
Green-bonds issued in US$ 0.00 0.00 0.00 737.20
Medium and Long-Term Private Sector Non-Guaranteed 406.50 445.69 360.24 402.34
Short-Term Debt 11,128.44 10,341.02 11,284.17 11,958.73
Currency Swap Agreement (China) 2,766.25 2,615.70 2,586.04 2,751.89
African Export - Import Bank 0.00 1,650.00 1,000.00 1,000.00
Arab Trade Financing Program 79.00 152.40 130.15 118.50
REPO Transactions 3,100.00 0.00 500.00 0.00
(4)
Others 5,183.19 5,922.92 7,067.98 8,088.34
Grand Total 82,884.50 96,612.10 112,670.55 129,195.69
(1) Using end of period exchange rate.
(2) Includes US$ 3,264.60 million Repo Transaction.
(3) Includes US$ 750 million Repo Transaction.
(4) Includes US$ 2,000 million representing loan provided by NBD Capital Limited and First Abu Dhabi Bank to MOF.
Figure 2

External Debt by Creditor
Deposits
11.75%
Bonds &Notes
36.08%
19.39%
Japan
1.99%
Germany
2.30%
China
3.47% Group of Banks
8.89% Others Short-Term Debt
6.87% 9.26%
34
Table ( 3 )
Medium and Long-Term
Public & Publicly Guaranteed External Debt By Creditor
Rescheduled Debt
(US$ million)(1)
Total Debt
Creditor
2017 2018 2019 2020
Germany 1,336.45 1,147.61 996.98 944.03

Japan 1,120.64 1,025.03 910.86 822.48
United States 1,061.30 795.97 530.65 265.33
France 233.48 187.64 147.66 119.23
The Netherlands 58.76 50.61 44.05 41.70
Denmark 54.60 46.84 40.80 38.97
Spain 58.09 51.59 44.90 37.99
Canada 32.93 27.67 25.92 23.24
Italy 39.23 33.97 28.53 22.86
Austria 31.02 23.33 16.37 10.33
United Kingdom 15.04 10.97 7.64 3.66
Switzerland 12.40 9.03 5.69 2.17
Belgium 4.38 2.90 1.56 0.27
Norway 0.95 0.70 0.43 0.15
Sweden 0.07 0.05 0.03 0.01
Grand Total 4,059.34 3,413.90 2,802.05 2,332.42

Figure 3
Public & Publicly Guaranteed External Debt
Rescheduled Debt
5.0
4.0
( US$bn )
3.0
2.0
1.0
0.0
2017 2018 2019 2020
Table ( 4 )
Public & Publicly Guaranteed External Debt By Creditor
Non-Rescheduled Debt
(US$ million)(1)
Total Debt
Creditor
2017 2018 2019 2020
(2)
Group of Banks 0.00 10,520.75 11,999.24 11,479.28
China 2,100.26 3,731.16 4,121.76 4,481.10
Germany 5,471.62 1,778.75 1,905.88 2,029.55
Japan 1,032.41 1,233.08 1,498.40 1,754.96
Kuwait 989.37 998.62 1,242.81 1,572.19
Saudi Arabia 581.78 1,187.13 1,350.16 1,466.68
France 1,492.93 1,138.52 1,191.10 1,442.46
United Arab Emirates 681.50 882.58 844.50 793.94
(3)
United Kingdom 250.00 0.00 0.00 750.00
Russia 0.00 0.00 495.50 623.10
United States 278.71 249.03 331.86 302.18
Spain 193.47 210.09 237.73 253.82
Canada 5.51 4.96 4.85 230.26
Bahrain 264.06 0.00 0.00 170.00
Korea 0.00 0.00 129.81 143.61
Hungary 0.00 0.00 0.00 93.54
Austria 44.23 39.64 35.11 35.47
Italy 897.63 24.43 23.10 27.85
Switzerland 8.42 5.35 4.23 3.28
Denmark 47.98 31.08 16.82 2.68
Finland 2.93 2.44 2.05 1.87
Belgium 94.69 0.85 0.42 0.00
Qatar 28.24 0.00 0.00 0.00
Grand Total 14,465.73 22,038.46 25,435.33 27,657.81
(2) Includes US$ 3,264.60 million Repo Transaction.
(3) Representing Repo Transaction.
Figure 4
30.0
25.0
( US$bn )
20.0
15.0
10.0
5.0
0.0
2017 2018 2019 2020
Table ( 5 )
(US$ million)(1)
Total Debt
Creditor
2017 2018 2019 2020
IMF 7,400.84 9,220.25 13,130.00 20,362.14

IBRD 7,709.80 9,333.14 10,777.74 11,609.75
European Investment Bank 2,431.40 2,719.44 3,077.74 3,638.42
African Export - Import Bank 1,203.01 288.89 219.83 2,953.17
African Development Bank 2,490.23 2,863.01 2,739.93 2,649.58
Arab Fund for Economic and Social Development 1,508.64 1,537.38 1,720.02 1,924.53
Islamic Development Bank 567.48 598.14 913.52 1,074.48
Arab Monetary Fund 784.96 574.55 416.18 712.40
European Bank For Reconstruction and Development 221.94 382.58 389.54 473.33
IDA 735.77 606.19 480.56 391.15
OPEC 282.57 292.19 296.14 290.73
International Fund for Agricultural Development 122.58 145.12 149.03 156.65
African Development Fund 166.84 157.64 149.72 148.64
Clean Technology Fund 55.86 73.60 124.08 122.84
Green Fund 30.00 28.82 25.30 54.95
Arab Petroleum Investments Corporation (APICORP) 100.00 137.50 75.00 25.00
Islamic Corporation for Development 25.00 25.00 18.75 12.50
Africa Growing Together Fund 0.00 0.13 8.49 10.89
Arab Trade Financing Program 0.00 15.43 15.28 7.13
Asian Infrastructure Investment Bank 0.00 0.00 0.75 0.75
International Islamic Trade Finance Corporation 200.00 0.00 0.00 0.00
Grand Total 26,036.92 28,998.98 34,727.60 46,619.03

Figure 5-1
50.0
40.0
( US$bn )
30.0
20.0
10.0
0.0
2017 2018 2019 2020
Figure 5 - 2

AFREXIM
EIB 6.33%
ADB
7.80%
IBRD 5.68%
24.90%
AFESD
4.13%
IDB
2.31%
AMF
1.53%
EBRD
1.02%
Others
2.62%
IMF
43.68%
38
Table ( 6 )
Bonds & Notes
(US$ million)*
Total Debt
2017 2018 2019 2020
Green-bonds issued in US$ 0.00 0.00 0.00 737.20
Sovereign Notes 972.79 908.50 961.50 352.40
Grand Total 8,881.48 13,974.05 20,862.48 25,045.54

* Using end of period exchange rate.
Figure 6

Bonds & Notes
30.0
25.0
20.0
( US$bn )
15.0
10.0
5.0
0.0
2017 2018 2019 2020
Table ( 7 )
Deposits
(US$ million)
Total Debt
Creditor
2017 2018 2019 2020
United Arab Emirates 5,906.09 5,900.00 5,698.69 5,679.82
Saudi Arabia 7,500.00 7,500.00 7,500.00 5,500.00
Kuwait 4,000.00 4,000.00 4,000.00 4,000.00
Libya 500.00 0.00 0.00 0.00
Grand Total 17,906.09 17,400.00 17,198.69 15,179.82
Figure 7

Deposits
18
16
( US$bn )
14
12
10
2017 2018 2019 2020
Table ( 8 )
Private Sector Non-Guaranteed External Debt By Creditor
(US$ million)(1)
Total Debt
Creditor
2017 2018 2019 2020
Multilateral Institutions 284.58 343.21 282.81 316.89
Kuwait 55.00 55.00 55.00 55.00
Germany 32.22 27.78 22.43 30.45
France 19.70 19.70 0.00 0.00
Bahrain 15.00 0.00 0.00 0.00
Grand Total 406.50 445.69 360.24 402.34

Figure 8

Private Sector Non-Guaranteed External Debt
450.0
400.0
350.0
300.0
( US$mn )
250.0
200.0
150.0
100.0
50.0
0.0
2017 2018 2019 2020
Table ( 9 )
Short-Term Debt
(US$ million)(1)
Total Debt
2017 2018 2019 2020
Loans 1,157.39 2,482.83 2,615.58 5,037.61
(2)
Currency and Deposits (Non-Residents) 3,918.84 3,687.28 3,410.41 3,811.22
Trade Credits 2,952.21 4,170.91 4,758.18 3,109.90
Repo 3,100.00 0.00 500.00 0.00
Grand Total 11,128.44 10,341.02 11,284.17 11,958.73

(2) Includes US$ 2,751.89 million representing Chinese Currency Swap Arrangement .
Figure 9
Short-Term Debt
13
12
11
10
9
( US$bn )
8
7
6
5
4
3
2
1
2017 2018 2019 2020
Table ( 10 )
External Debt
US$ million (*)
Total Debt
Currency
2017 2018 2019 2020
US Dollar 53,770.98 61,594.84 71,383.40 77,655.85
Special Drawing Rights 8,842.80 10,365.01 14,028.52 21,495.11
EURO 11,521.90 14,237.27 16,224.92 17,907.37
Chinese Yuan 2,766.25 3,632.92 3,591.81 3,917.12
Kuwaiti Dinar 2,498.01 2,536.00 2,912.83 3,416.71
Japanese Yen 2,243.73 2,342.77 2,493.65 2,648.77
Saudi Riyal 583.47 1,188.78 1,352.95 1,468.54
Egyptian Pound 347.57 409.96 388.30 407.80
Swiss Franc 158.24 163.03 179.17 177.72
Danish Kroner 54.94 47.96 41.16 39.50
Canadian Dollar 36.67 30.95 29.17 26.47
U.A.E. Dirham 33.66 41.13 24.54 19.18
British Pound Sterling 24.21 19.71 16.85 12.02
Norwegian Kroner 1.98 1.74 1.59 1.51
Korean Won 0.00 0.00 0.52 1.08
Swedish Kroner 0.09 0.05 1.17 0.94

Total 82,884.50 96,612.10 112,670.55 129,195.69
(*) Using end of period exchange rate .

Table ( 11 )
Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service
as of January 1, 2021
(US$ million)(1)
Period Principal Interest Total Period Principal Interest Total
2021/H1 7744.71 2058.90 9,803.61 2046/H2 157.92 357.47 515.39
2021/H2 11446.40 1729.97 13,176.38 2047/H1 2645.86 355.84 3,001.70
2022/H1 7932.17 1787.33 9,719.50 2047/H2 156.84 248.40 405.24
2022/H2 4460.44 1375.75 5,836.19 2048/H1 1646.04 246.81 1,892.85
2023/H1 5736.07 1565.54 7,301.61 2048/H2 151.77 186.30 338.06
2023/H2 6009.52 1221.05 7,230.57 2049/H1 1633.83 184.67 1,818.50
2024/H1 6819.11 1398.61 8,217.72 2049/H2 149.21 118.47 267.68
2024/H2 5990.41 1040.75 7,031.16 2050/H1 2142.80 116.86 2,259.66
2025/H1 6149.01 1228.49 7,377.50 2050/H2 116.74 26.59 143.33
2025/H2 3818.60 917.28 4,735.87 2051/H1 100.12 25.30 125.42
2026/H1 3592.11 1082.12 4,674.23 2051/H2 92.34 24.26 116.59
2026/H2 2508.44 847.01 3,355.45 2052/H1 77.08 23.30 100.38
2027/H1 3379.31 988.76 4,368.07 2052/H2 61.89 22.51 84.39
2027/H2 1975.05 755.29 2,730.34 2053/H1 39.20 21.91 61.11
2028/H1 2457.25 903.04 3,360.29 2053/H2 32.89 21.53 54.41
2028/H2 1579.42 695.61 2,275.03 2054/H1 16.17 21.20 37.37
2029/H1 2876.86 846.54 3,723.40 2054/H2 8.97 21.12 30.09
2029/H2 1291.67 615.09 1,906.75 2055/H1 6.98 21.09 28.07
2030/H1 2286.19 770.69 3,056.88 2055/H2 6.97 21.09 28.06
2030/H2 997.91 594.59 1,592.49 2056/H1 6.74 21.08 27.82
2031/H1 2267.35 683.17 2,950.52 2056/H2 6.69 21.07 27.77
2031/H2 734.84 578.41 1,313.25 2057/H1 2.45 21.06 23.51
2032/H1 3398.82 571.89 3,970.71 2057/H2 2.16 21.07 23.22
2032/H2 700.76 464.82 1,165.58 2058/H1 2.16 21.05 23.21
2033/H1 638.50 458.11 1,096.61 2058/H2 2.16 21.06 23.22
2033/H2 623.24 451.96 1,075.20 2059/H1 2.16 21.05 23.21
2034/H1 587.06 446.16 1,033.22 2059/H2 502.16 21.06 523.22
2034/H2 582.15 440.51 1,022.66 2060/H1 2.16 0.68 2.84
2035/H1 564.47 435.19 999.66 2060/H2 2.16 0.68 2.84
2035/H2 543.15 429.65 972.81 2061/H1 2.16 0.67 2.83
2036/H1 445.86 424.78 870.64 2061/H2 2.16 0.68 2.84
2036/H2 438.88 420.42 859.30 2062/H1 2.16 0.67 2.83
2037/H1 416.99 416.22 833.21 2062/H2 2.16 0.68 2.84
2037/H2 405.80 412.20 818.00 2063/H1 2.16 0.67 2.83
2038/H1 358.92 408.44 767.35 2063/H2 2.16 0.68 2.84
2038/H2 328.19 405.00 733.19 2064/H1 2.16 0.67 2.83
2039/H1 314.76 401.99 716.75 2064/H2 2.16 0.68 2.84
2039/H2 298.80 398.90 697.70 2065/H1 2.16 0.66 2.82
2040/H1 635.95 396.27 1,032.22 2065/H2 2.16 0.67 2.83
2040/H2 273.97 381.45 655.42 2066/H1 2.16 0.66 2.82
2041/H1 253.98 378.79 632.76 2066/H2 2.16 0.67 2.83
2041/H2 238.69 376.16 614.85 2067/H1 2.16 0.66 2.82
2042/H1 210.43 373.84 584.27 2067/H2 2.16 0.67 2.83
2042/H2 201.84 371.64 573.48 2068/H1 2.16 0.66 2.82
2043/H1 188.43 369.66 558.09 2068/H2 2.16 0.67 2.83
2043/H2 179.96 367.72 547.68 2069/H1 2.16 0.65 2.81
2044/H1 176.39 366.06 542.44 2069/H2 2.16 0.66 2.82
2044/H2 168.58 364.23 532.81 2070/H1 2.16 0.65 2.81
2045/H1 165.17 362.51 527.67 2070/H2 2.16 0.66 2.82
2045/H2 165.17 360.80 525.96 2071/H1 2.16 0.65 2.81
2046/H1 160.78 359.15 519.93 2071/H2 2.19 0.33 2.52
(2) (3)
Grand Total 115,540.61 37,747.40 153,288.01
(1) The exchange rate of December 31, 2020.
(2) Excludes US$ 1,294.01 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.
(3) Includes US$ 66 million representing forecast interest of SDR allocation.
Figure 10

Medium and Long-Term Public and Publicly Guaranteed
US$ mn
External Debt Service as of January 1, 2021
25,000
20,000
15,000
10,000
5,000
Principal Interest Total
45
Table ( 12 )
Rescheduled Debt
(US$ million)(1)
2021/H1 322.46 28.33 350.78 2024/H1 172.71 12.53 185.24
2021/H2 296.61 24.09 320.70 2024/H2 170.39 10.43 180.82
2022/H1 162.71 20.39 183.10 2025/H1 172.91 8.41 181.32
2022/H2 165.22 18.33 183.55 2025/H2 175.65 6.26 181.91
2023/H1 167.75 16.52 184.27 2026/H1 178.23 4.18 182.41
2023/H2 170.33 14.43 184.75 2026/H2 177.43 1.99 179.42
Grand Total 2,332.42 165.86 2,498.28

Table ( 13 )
(US$ million)(1)
2021/H1 1785.04 361.55 2146.59 2046/H2 35.79 2.83 38.62
2021/H2 2417.15 332.11 2749.25 2047/H1 34.71 2.56 37.27
2022/H1 1855.92 284.66 2140.58 2047/H2 34.71 2.32 37.03
2022/H2 1769.37 256.73 2026.11 2048/H1 34.38 2.06 36.44
2023/H1 2411.89 219.51 2631.41 2048/H2 30.26 1.81 32.06
2023/H2 1379.18 184.66 1563.84 2049/H1 27.32 1.57 28.90
2024/H1 1155.03 160.85 1315.88 2049/H2 27.32 1.37 28.68
2024/H2 2288.29 140.45 2428.73 2050/H1 26.55 1.15 27.70
2025/H1 697.87 102.06 799.93 2050/H2 22.54 0.94 23.47
2025/H2 713.19 98.62 811.81 2051/H1 21.32 0.73 22.04
2026/H1 686.34 89.26 775.60 2051/H2 21.32 0.53 21.85
2026/H2 697.48 85.65 783.13 2052/H1 20.76 0.32 21.08
2027/H1 691.29 77.51 768.80 2052/H2 8.40 0.12 8.52
2027/H2 638.50 73.30 711.80 2053/H1 8.03 0.11 8.15
2028/H1 654.79 66.48 721.27 2053/H2 8.03 0.10 8.13
2028/H2 710.04 62.02 772.06 2054/H1 8.03 0.09 8.12
2029/H1 644.71 55.16 699.87 2054/H2 6.99 0.08 7.07
2029/H2 633.33 50.48 683.81 2055/H1 6.98 0.07 7.04
2030/H1 595.46 44.91 640.37 2055/H2 6.97 0.06 7.03
2030/H2 566.53 40.46 606.99 2056/H1 6.74 0.05 6.79
2031/H1 315.17 35.61 350.78 2056/H2 6.69 0.04 6.73
2031/H2 307.44 33.08 340.52 2057/H1 2.43 0.03 2.46
2032/H1 301.82 30.52 332.33 2057/H2 2.16 0.03 2.19
2032/H2 306.00 27.96 333.96 2058/H1 2.16 0.03 2.19
2033/H1 247.00 25.25 272.25 2058/H2 2.16 0.03 2.19
2033/H2 236.99 23.30 260.29 2059/H1 2.16 0.03 2.19
2034/H1 204.97 21.21 226.18 2059/H2 2.16 0.03 2.19
2034/H2 202.82 19.67 222.49 2060/H1 2.16 0.03 2.19
2035/H1 197.71 18.00 215.71 2060/H2 2.16 0.03 2.19
2035/H2 187.33 16.50 203.82 2061/H1 2.16 0.02 2.18
2036/H1 132.39 15.06 147.45 2061/H2 2.16 0.02 2.18
2036/H2 126.48 14.13 140.61 2062/H1 2.16 0.02 2.18
2037/H1 119.71 13.19 132.91 2062/H2 2.16 0.02 2.18
2037/H2 109.04 12.40 121.44 2063/H1 2.16 0.02 2.18
2038/H1 105.70 11.57 117.27 2063/H2 2.16 0.02 2.18
2038/H2 102.65 10.81 113.46 2064/H1 2.16 0.02 2.18
2039/H1 99.00 10.01 109.01 2064/H2 2.16 0.02 2.18
2039/H2 100.17 9.30 109.46 2065/H1 2.16 0.02 2.18
2040/H1 91.36 8.55 99.91 2065/H2 2.16 0.01 2.17
2040/H2 87.72 7.87 95.59 2066/H1 2.16 0.01 2.17
2041/H1 83.61 7.18 90.80 2066/H2 2.16 0.01 2.17
2041/H2 77.68 6.59 84.27 2067/H1 2.16 0.01 2.17
2042/H1 62.59 6.01 68.60 2067/H2 2.16 0.01 2.17
2042/H2 59.47 5.58 65.05 2068/H1 2.16 0.01 2.17
2043/H1 55.99 5.13 61.12 2068/H2 2.16 0.01 2.17
2043/H2 55.31 4.76 60.07 2069/H1 2.16 0.01 2.17
2044/H1 52.24 4.37 56.61 2069/H2 2.16 0.01 2.17
2044/H2 44.43 3.99 48.42 2070/H1 2.16 0.00 2.16
2045/H1 43.04 3.67 46.71 2070/H2 2.16 0.00 2.16
2045/H2 43.04 3.39 46.43 2071/H1 2.16 0.00 2.16
2046/H1 38.65 3.09 41.74 2071/H2 2.19 0.00 2.19
Grand Total 27,657.81 3,223.55 30,881.36
Table ( 14 )
(US$ million)(1)
2021/H1 1103.40 407.86 1511.26 2046/H2 122.13 16.28 138.40
2021/H2 2432.65 466.75 2899.39 2047/H1 122.13 14.92 137.05
2022/H1 2905.20 387.95 3293.14 2047/H2 122.13 13.51 135.64
2022/H2 1847.84 349.54 2197.38 2048/H1 122.26 12.18 134.44
2023/H1 1748.56 328.50 2077.05 2048/H2 121.51 10.77 132.28
2023/H2 2960.02 311.16 3271.18 2049/H1 121.51 9.37 130.88
2024/H1 3544.34 289.15 3833.49 2049/H2 121.89 7.98 129.87
2024/H2 3531.73 263.60 3795.32 2050/H1 116.05 6.59 122.64
2025/H1 3450.30 237.48 3687.79 2050/H2 94.20 5.28 99.48
2025/H2 2192.56 213.66 2406.22 2051/H1 78.80 4.20 83.00
2026/H1 1718.95 194.97 1913.92 2051/H2 71.02 3.35 74.37
2026/H2 1633.53 179.99 1813.52 2052/H1 56.32 2.60 58.92
2027/H1 1338.86 165.44 1504.30 2052/H2 53.77 2.01 55.77
2027/H2 1336.55 153.20 1489.75 2053/H1 31.17 1.42 32.59
2028/H1 1036.32 141.34 1177.66 2053/H2 24.81 1.05 25.86
2028/H2 869.37 130.04 999.41 2054/H1 8.14 0.74 8.88
2029/H1 841.79 121.40 963.19 2054/H2 1.97 0.67 2.65
2029/H2 658.34 113.89 772.22 2055/H1 0.00 0.65 0.65
2030/H1 467.52 108.64 576.15 2055/H2 0.00 0.66 0.66
2030/H2 431.38 103.41 534.79 2056/H1 0.00 0.65 0.65
2031/H1 420.86 99.23 520.09 2056/H2 0.00 0.66 0.66
2031/H2 427.40 94.62 522.02 2057/H1 0.00 0.65 0.65
2032/H1 396.41 90.66 487.06 2057/H2 0.00 0.66 0.66
2032/H2 394.76 86.38 481.14 2058/H1 0.00 0.65 0.65
2033/H1 391.50 82.39 473.88 2058/H2 0.00 0.66 0.66
2033/H2 386.25 78.19 464.44 2059/H1 0.00 0.65 0.65
2034/H1 382.09 74.47 456.56 2059/H2 0.00 0.66 0.66
2034/H2 379.33 70.37 449.69 2060/H1 0.00 0.65 0.65
2035/H1 366.76 66.71 433.48 2060/H2 0.00 0.66 0.66
2035/H2 355.83 62.68 418.51 2061/H1 0.00 0.65 0.65
2036/H1 313.47 59.24 372.71 2061/H2 0.00 0.66 0.66
2036/H2 312.41 55.81 368.22 2062/H1 0.00 0.65 0.65
2037/H1 297.28 52.55 349.83 2062/H2 0.00 0.66 0.66
2037/H2 296.77 49.33 346.09 2063/H1 0.00 0.65 0.65
2038/H1 253.22 46.39 299.61 2063/H2 0.00 0.66 0.66
2038/H2 225.54 43.72 269.26 2064/H1 0.00 0.65 0.65
2039/H1 215.77 41.50 257.27 2064/H2 0.00 0.66 0.66
2039/H2 198.63 39.13 237.76 2065/H1 0.00 0.65 0.65
2040/H1 192.19 37.25 229.43 2065/H2 0.00 0.66 0.66
2040/H2 186.25 35.22 221.47 2066/H1 0.00 0.65 0.65
2041/H1 170.36 33.25 203.61 2066/H2 0.00 0.66 0.66
2041/H2 161.01 31.20 192.22 2067/H1 0.00 0.65 0.65
2042/H1 147.84 29.47 177.31 2067/H2 0.00 0.66 0.66
2042/H2 142.37 27.70 170.07 2068/H1 0.00 0.65 0.65
2043/H1 132.44 26.17 158.61 2068/H2 0.00 0.66 0.66
2043/H2 124.65 24.60 149.25 2069/H1 0.00 0.65 0.65
2044/H1 124.15 23.33 147.48 2069/H2 0.00 0.66 0.66
2044/H2 124.15 21.88 146.02 2070/H1 0.00 0.65 0.65
2045/H1 122.13 20.48 142.61 2070H2 0.00 0.66 0.66
2045/H2 122.13 19.04 141.17 2071/H1 0.00 0.65 0.65
2046/H1 122.13 17.70 139.83 2071/H2 0.00 0.33 0.33
(2) (3)
Grand Total 45,325.02 6,343.41 51,668.43
(2) Excludes US$ 1,294.01 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 million.
(3) Includes US$ 66 million representing forecast interest of SDR allocation.
Figure 11

Total Medium and Long-Term Public and Publicly Guaranteed
US$ mn External Debt Service as of January 1, 2021
8000
7500
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
Principal Interest Total
49
Table ( 15 )
Projected Sovereign Notes (*)
(US$ million)

2021/H1 0.00 12.11 12.11 2031/H1 0.00 12.11 12.11
2021/H2 0.00 12.11 12.11 2031/H2 0.00 12.11 12.11
2022/H1 0.00 12.11 12.11 2032/H1 0.00 12.11 12.11
2022/H2 0.00 12.11 12.11 2032/H2 0.00 12.11 12.11
2023/H1 0.00 12.11 12.11 2033/H1 0.00 12.11 12.11
2023/H2 0.00 12.11 12.11 2033/H2 0.00 12.11 12.11
2024/H1 0.00 12.11 12.11 2034/H1 0.00 12.11 12.11
2024/H2 0.00 12.11 12.11 2034/H2 0.00 12.11 12.11
2025/H1 0.00 12.11 12.11 2035/H1 0.00 12.11 12.11
2025/H2 0.00 12.11 12.11 2035/H2 0.00 12.11 12.11
2026/H1 0.00 12.11 12.11 2036/H1 0.00 12.11 12.11
2026/H2 0.00 12.11 12.11 2036/H2 0.00 12.11 12.11
2027/H1 0.00 12.11 12.11 2037/H1 0.00 12.11 12.11
2027/H2 0.00 12.11 12.11 2037/H2 0.00 12.11 12.11
2028/H1 0.00 12.11 12.11 2038/H1 0.00 12.11 12.11
2028/H2 0.00 12.11 12.11 2038/H2 0.00 12.11 12.11
2029/H1 0.00 12.11 12.11 2039/H1 0.00 12.11 12.11
2029/H2 0.00 12.11 12.11 2039/H2 0.00 12.11 12.11
2030/H1 0.00 12.11 12.11 2040/H1 352.40 12.11 364.51
2030/H2 0.00 12.11 12.11
Grand Total 352.40 472.45 824.85
(*) Nominal Value Amounted US$ 500 MM , Interest Rate is Fixed 6.875 % issued on 30/4/2010 and due on 30/4/2040 .
Table ( 16 )
(*)
Projected Euro-Bond issued in USD
(US$ million)
Period Principal Interest Total
2021/H1 0.00 717.28 717.28
2021/H2 0.00 717.00 717.00
2022/H1 1,673.68 717.00 2,390.68
2022/H2 0.00 665.74 665.74
2023/H1 741.21 665.74 1,406.95
2023/H2 500.00 645.07 1,145.07
2024/H1 1,613.69 633.70 2,247.39
2024/H2 0.00 586.49 586.49
2025/H1 654.16 586.49 1,240.65
2025/H2 0.00 567.27 567.27
2026/H1 0.00 567.27 567.27
2026/H2 0.00 567.27 567.27
2027/H1 1,349.16 567.27 1,916.43
2027/H2 0.00 516.68 516.68
2028/H1 766.14 516.68 1,282.82
2028/H2 0.00 491.44 491.44
2029/H1 1,390.36 491.44 1,881.80
2029/H2 0.00 438.60 438.60
2030/H1 0.00 438.60 438.60
2030/H2 0.00 438.60 438.60
2031/H1 0.00 438.60 438.60
2031/H2 0.00 438.60 438.60
2032/H1 2,700.60 438.60 3,139.20
2032/H2 0.00 338.36 338.36
2033/H1 0.00 338.36 338.36
2033/H2 0.00 338.36 338.36
2034/H1 0.00 338.36 338.36
2034/H2 0.00 338.36 338.36
2035/H1 0.00 338.36 338.36
2035/H2 0.00 338.36 338.36
2036/H1 0.00 338.36 338.36
2036/H2 0.00 338.36 338.36
2037/H1 0.00 338.36 338.36
2037/H2 0.00 338.36 338.36
2038/H1 0.00 338.36 338.36
2038/H2 0.00 338.36 338.36
2039/H1 0.00 338.36 338.36
2039/H2 0.00 338.36 338.36
2040/H1 0.00 338.36 338.36
2040/H2 0.00 338.36 338.36
2041/H1 0.00 338.36 338.36
2041/H2 0.00 338.36 338.36
2042/H1 0.00 338.36 338.36
2042/H2 0.00 338.36 338.36
2043/H1 0.00 338.36 338.36
2043/H2 0.00 338.36 338.36
2044/H1 0.00 338.36 338.36
2044/H2 0.00 338.36 338.36
2045/H1 0.00 338.36 338.36
2045/H2 0.00 338.36 338.36
2046/H1 0.00 338.36 338.36
2046/H2 0.00 338.36 338.36
2047/H1 2,489.00 338.36 2,827.36
2047/H2 0.00 232.58 232.58
2048/H1 1,489.40 232.58 1,721.98
2048/H2 0.00 173.72 173.72
2049/H1 1,485.00 173.72 1,658.72
2049/H2 0.00 109.13 109.13
2050/H1 2,000.00 109.13 2,109.13
2050/H2 0.00 20.38 20.38
2051/H1 0.00 20.38 20.38
2051/H2 0.00 20.38 20.38
2052/H1 0.00 20.38 20.38
2052/H2 0.00 20.38 20.38
2053/H1 0.00 20.38 20.38
2053/H2 0.00 20.38 20.38
2054/H1 0.00 20.38 20.38
2054/H2 0.00 20.38 20.38
2055/H1 0.00 20.38 20.38
2055/H2 0.00 20.38 20.38
2056/H1 0.00 20.38 20.38
2056/H2 0.00 20.38 20.38
2057/H1 0.00 20.38 20.38
2057/H2 0.00 20.38 20.38
2058/H1 0.00 20.38 20.38
2058/H2 0.00 20.38 20.38
2059/H1 0.00 20.38 20.38
2059/H2 500.00 20.38 520.38
Grand Total 19,352.40 24,420.25 43,772.65
(*) Euro Bond Nominal Value Amounted US$ 23,500 MM, detailed as:
US$ 1500 MM issued on 11/6/2015 and due on 11/6/2025 with Fixed Interest Rate 5.875%
US$ 2500 MM (US$ 1750 MM issued on 31/1/2017 and US$ 750 MM issued on 31/5/2017) due on 31/1/2022 with Fixed Interest Rate 6.125%
Table ( 17 )
(**)
Projected Euro-Bond dominated in EUR currency
(US$ million)*
2021/H1 0.00 254.44 254.44
2021/H2 0.00 0.00 0.00
2022/H1 0.00 254.25 254.25
2022/H2 0.00 0.00 0.00
2023/H1 0.00 254.25 254.25
2023/H2 0.00 0.00 0.00
2024/H1 0.00 254.25 254.25
2024/H2 0.00 0.00 0.00
2025/H1 840.43 254.25 1,094.69
2025/H2 0.00 0.00 0.00
2026/H1 1,008.59 214.33 1,222.93
2026/H2 0.00 0.00 0.00
2027/H1 0.00 166.43 166.43
2027/H2 0.00 0.00 0.00
2028/H1 0.00 166.43 166.43
2028/H2 0.00 0.00 0.00
2029/H1 0.00 166.43 166.43
2029/H2 0.00 0.00 0.00
2030/H1 1,223.21 166.43 1,389.63
2030/H2 0.00 0.00 0.00
2031/H1 1,531.31 97.62 1,628.93
Grand Total 4,603.54 2,249.11 6,852.65
(*) The exchange rate of December 31, 2020.
(**) Euro Bond dominated in Euro currency with Nominal Value Amounted EUR 4000 MM detailed as:
EUR 1000 MM issued on 16/4/2018 and due on 16/4/2026 with Fixed Interest Rate 4.750%
Table ( 18 )
Projected Green-Bonds issued in US$ (*)
(US$ million)*
2021/H1 0.00 19.45 19.45
2021/H2 0.00 19.35 19.35
2022/H1 0.00 19.35 19.35
2022/H2 0.00 19.35 19.35
2023/H1 0.00 19.35 19.35
2023/H2 0.00 19.35 19.35
2024/H1 0.00 19.35 19.35
2024/H2 0.00 19.35 19.35
2025/H1 0.00 19.35 19.35
2025/H2 737.20 19.35 756.55
Grand Total 737.20 193.62 930.82
(*)
Nominal Value Amounted US$ 750 MM , Interest Rate is Fixed 5.250 % issued on 6/10/2020 and due on 6/10/2025 .
Table ( 19 )
Projected Medium and Long-Term Deposits for Kuwait
(US$ million)
2021/H1 2,000.00 25.28 2,025.28
2021/H2 2,000.00 7.64 2,007.64
(*)
Grand Total 4,000.00 32.92 4,032.92
(*) Consists of Two Deposits :

First Deposit amounted US$ 2000 MM and due on September 2021.
Second Deposit amounted US$ 2000 MM and due on April 2021(under negotiaton).
Table ( 20 )
Projected Medium and Long-Term Deposits for Saudi Arabia
(US$ million)
2021/H1 1,532.00 125.33 1,657.33
2021/H2 3,300.00 57.63 3,357.63
2022/H1 668.00 13.51 681.51
(*)
Grand Total 5,500.00 196.47 5,696.47
(*) Consists of Three Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding is US$ 500 MM) and due from 12/5/2021 up to 12/11/2021.
The Second Deposit Amounted US$ 2000 MM and due on 22/4/2021 and 22/4/2022
The Third Deposit Amounted US$ 3000 MM and due on 1/7/2021.
Table ( 21 )
Projected Medium and Long-Term Deposits for United Arab Emirates
(US$ million)
2021/H1 1,001.81 107.27 1,109.08
2021/H2 1,000.00 93.29 1,093.29
2022/H1 666.67 78.11 744.78
2022/H2 678.01 53.93 731.94
2023/H1 666.67 49.56 716.23
2023/H2 1,000.00 34.26 1,034.26
2024/H1 333.33 16.67 350.00
2024/H2 0.00 8.33 8.33
2025/H1 333.33 8.33 341.66
(*)
Grand Total 5,679.82 449.76 6,129.58
(*) Consists of Five Deposits :

The First Deposit Amounted US$ 1000 MM and due on 15/7/2021.
The Second Deposit Amounted US$ 1000 MM and due on 17/7/2023.
The Third Deposit Amounted US$ 2000 MM and due on 20/4/2021, 21/4/2022 and 21/4/2023.
The Fourth Deposit Amounted US$ 1000 MM and due on 30/5/2021, 30/5/2024 and 30/5/2025.
The Fifth Deposit Amounted US$ 1000 MM (Outstanding is US$ 679.82 MM) and due on 20/1/2021 and 31/8/2022.
Table ( 22 )
Projected Medium and Long-Term Private Sector Non-Guaranteed
(US$ million)(1)

2021/H1 29.41 5.77 35.17
2021/H2 29.41 2.87 32.28
2022/H1 71.98 5.28 77.26
2022/H2 69.83 1.95 71.78
2023/H1 40.55 3.99 44.54
2023/H2 29.12 1.00 30.12
2024/H1 29.12 3.40 32.52
2024/H2 21.62 0.44 22.06
2025/H1 19.46 2.92 22.38
2025/H2 3.94 0.13 4.06
2026/H1 2.05 2.73 4.78
2026/H2 0.88 0.01 0.90
2027/H1 55.00 2.68 57.68
Grand Total 402.35 33.16 435.51

Table ( 23 )
Projected Short-Term
(US$ million)(1)

January-21
1,244.40 9.60 1,254.00
February-21
3,801.80 4.45 3,806.25
March-21
1,012.10 27.56 1,039.66
April-21
1,524.07 7.55 1,531.62
May-21
838.51 1.28 839.79
June-21
456.55 22.48 479.03
July-21
162.66 0.09 162.75
August-21
2,319.62 20.38 2,340.00
September-21
301.53 8.90 310.43
October-21
32.78 0.03 32.81
November-21
16.38 0.05 16.43
December-21
248.33 1.38 249.71
Grand Total 11,958.73 103.76 12,062.49

Table ( 24 )
Exchange Rates of the Currencies of External Debt Versus US Dollar
as at End of December
Country Currency 2017 2018 2019 2020
United States USD 1.00 1.00 1.00 1.00
Switzerland CHF 0.97 0.98 0.97 0.88
Denmark DKK 6.21 6.53 6.65 6.06
Egypt EGP 17.66 17.85 15.98 15.66
Sweden SEK 8.20 8.96 9.30 8.17
Japan JPY 112.70 109.98 108.57 103.07
India INR 63.93 69.98 71.34 73.81
United Kingdom GBP 0.74 0.78 0.76 0.73
Canada CAD 1.26 1.36 1.30 1.27
Australia AUD 1.28 1.42 1.43 1.29
Norway NOK 8.21 8.68 8.79 8.52
Euro EURO 0.83 0.87 0.89 0.81
Special Drawing Rights SDR 0.70 0.72 0.72 0.69
Kuwait KWD 0.30 0.30 0.30 0.30
United Arab Emirates AED 3.67 3.67 3.67 3.67
Saudi Arabia SAR 3.75 3.75 3.75 3.75
Chinese Yuan CNY 6.51 6.88 6.96 6.54
Korean Won KRW 1,071.40 1,121.31 1,160.89 1,106.60

Glossary
Balance of Payments: a statistical In exceptional cases, arrears on post-
statement that summarizes, for a cutoff-date debt can be deferred over
specific period of time, the economic short periods of time in restructuring
transactions of an economy with the agreements.
rest of the world.
Debt Instruments: Existing debt
Bilateral Debt: Loans extended by a instruments typically arise out of
bilateral creditor. contractual relationships under which
Bilateral Rescheduling Agreements: an institutional unit (the debtor) has an
Rescheduling agreements reached unconditional liability to another
bilaterally between the debtor and institutional unit (the creditor) to repay
creditor countries. These are legally the principal with or without interest, or to
equivalent of new loan agreements. pay interest without principal. These
After a Paris Club rescheduling, such instruments include debt securities,
agreements are required to put the debt loans, trade credit, and currency and
restructuring set forth in the deposits. Debt instruments may also be
multinational Agreed Minute into created by the force of law—in
effect. particular, obligations to pay taxes or to
make other compulsory payments— or
Buyer’s Credit: A financial arrange- through rights and obligations that
ment in which a bank or financial result in a debtor accepting an
institution, or an export credit agency in obligation to make future payment(s) to
the exporting country, extends a loan a creditor.
directly to a foreign buyer or to a bank
in the importing country to pay for the Debt Service: Refers to payments in
purchase of goods and services from the respect of both principal and interest.
exporting country (also known as Actual debt service is the set of
financial credit). This term does not payments actually made to satisfy a
refer to credit extended directly from debt obligation, including principal,
the buyer to the seller (for example, interest, and any late payment fees.
through advance payment for goods Scheduled debt service is the set of
and services). payments, including principal and
interest, which is required to be made
Capital Account: a BOP account that through the life of the debt.
covers capital transfers and the
acquisition or disposal of non-produced Debt Sustainability Analysis: A study
non-financial items, such as patents. of a country’s medium- to long-term
debt situation. A country’s eligibility
Current Account: a BOP account that for support under the HIPC Initiative is
covers all transactions in goods, determined on the basis of such an
services, income, and current transfers analysis, jointly under-taken by the
between residents and non- residents. staffs of the IMF, the World Bank, and
Cutoff Date: The date (established at the country concerned.
the time of a country’s first Paris Club External Debt: Gross external debt, at
debt reorganization / restructuring) any given time, is the outstanding
before which loans must have been amount of those actual current, and not
contracted in order for their debt service contingent liabilities that require
to be eligible for restructuring. New payment(s) of interest and/or principal
loans extended after the cutoff date are by the debtor at some point(s) in the
protected from future restructuring future and that are owed to non-
(subordination strategy). residents by residents of an economy.
Financial Account: a BOP account Lending by export credit agencies -

that covers transactions between with the pure purpose of export
residents and non-residents in direct, promotion - is excluded.
portfolio, other investments, financial
derivatives, and reserve assets. Original Maturity: the period of time
Gross Domestic Product (GDP): the from when the financial asset/liability
value of an economy's total output of was created to its final maturity date.
goods and services, less intermediate
consumption, plus net taxes on products Paris Club: An informal group of
and imports. It can be broken down by creditor governments that has met
output, expenditure, or income regularly in Paris since 1956 to
components. The main expenditure reschedule bilateral debts; the French
aggregates are final consumption of treasury provides the secretariat.
household and government, gross fixed Creditors meet with a debtor country to
capital formation, changes in reschedule its debts as part of the
inventories, and imports and exports of international support provided to a
goods and services. country that is experiencing debt
International Investment Position servicing difficulties and is pursuing an
(IIP): The IIP is the stock of external adjustment program supported by the
financial assets and liabilities on a IMF. The Paris Club does not have a
specified reference date, usually the end fixed membership, and its meetings are
of the quarter or year. The change in open to all official creditors that accept
position between two end- periods its practices and procedures. The core
reflects financial transactions, valuation creditors are mainly OECD member
changes, and other adjustments countries, but other creditors attend as
occurring during the period. relevant for a debtor country. Russia
became a member in Sept. 1997.
Long-Term External Debt: External
debt that has a maturity of more than Remaining (Residual) Maturity: The
one year. Maturity can be defined either period of time until debt payments fall
on an original or remaining basis. due. In the External Debt Guide, it is
Multilateral Creditors: These cre- recommended that short-term remain-
ditors are multilateral institutions such ing maturity of outstanding external
as the IMF and the World Bank, as well debt be measured by adding the value
as other multilateral development of outstanding short-term external debt
banks. (original maturity) to the value of
outstanding long-term external debt
Official Development Assistance (original maturity) due in one year or
(ODA): Flows of official financing less.
administered with the promotion of the
economic development and welfare of
developing countries as the main
objective, and which are concessional
in character with a grant element of at
least 25 percent (using a fixed 10
percent rate of discount). By
convention, ODA flows comprise
contributions of donor government
agencies, at all levels, to developing
countries (“bilateral ODA”) and to
multilateral institutions. ODA receipts
comprise disbursements by bilateral
donors and multilateral institutions.

Egypt External Position Quarterly Report Volume No 72 FY 2020-2021

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Egypt External Position Quarterly Report Volume No 72 FY 2020-2021

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Central Bank of Egypt

External Position of the Egyptian Economy

Volume No. (72)

Enthused by the CBE's keenness to enhance its disclosure,

Section I: Balance of Payments (BOP)

Section II: International Investment Position (IIP) 7

Section III: External Liquidity

Section IV: External Debt

Section V: Exchange Rate Developments 17

Section VI: Statistics

Table of Contents (Cont.)

A- Outstanding External Debt 31-42

Balance of Payments (BOP)

E gypt's transactions with the

Merchandise imports decreased by

workers’ remittances increased

- As for imports, Egypt's trade

Chart (4): Payments for Merchandise Imports Australia &

Switzerland, Italy, India, Turkey 2.0

combined, accounted for some -4.0

 Transportation receipts decreased  Travel payments decreased by 35.3

billion (against about US$ 3.7 0.5

billion), driven by the decrease in 0.0

Income receipts Income payments Income Balance (net)

1.4: Unrequited Current Transfers (Net)

Chart (11): External Balance Indicators July/Dec.

Chart (12): Total FDI in Egypt by Economic Sector

Real estate sector

Other Communication & IT

B- Portfolio investment in Egypt

International Investment Position (IIP)

International Investment Position (IIP)

Source: Appendix I, table (2). - Direct investments abroad increased

* Released as of Sept. 2009 according to SDDS

2- Liabilities increased by 7.2 percent Indicators:

This increase was mainly due to the

about US$ 132.5 billion. 10

A-Net international reserves (NIR) (US$ mn)

The increase was a result of the rise in -5.0

December 2020. Foreign Currency Deposits

Local Currency Deposits

Growth Rate of Foreign Currency Deposits

Growth Rate of Local Currency Deposits

External debt registered US$ 129.2 By residual maturity1, short-term

By original maturity, external debt 2. Long-term debt maturing within

debt predominance at end of Dec. 2020. 3. External debt by residual

accounted for US$ 12.0 billion or 9.3 4. Long-term debt by

Percentage to total external debt 75.8

B- Breakdown by Type i. A new issuance of Green Bonds

Bonds Issued Abroad as at end of December 2020

Total Nominal Nominal Value Issue

 Other bilateral debt 1 amounted to These deposits are distributed as

2- Short-term debt increased by about D- Breakdown by Creditor

billion), and other currencies (US$ 2.2

E- Breakdown by Debtor Sector F- External Debt Service

General Government Central Bank - Egypt's debt stock to GDP

- Egypt's short-term external debt to Chart (7): External Debt Indicators

 that year. This ratio is considered to be a key indicator of

Exchange Rate Developments

Exchange Rate Developments

Euro market rate(buying price)

BOP Current Account ……………………………………… 1 19

BOP Capital and Financial Account (contd.) ……………… 20

II- International Investment Position (IIP) 2 21