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Kuwait renews $2bn deposit with Central Bank of Egypt

By Pramod Kumar
Kuwait currently holds $4bn in deposits with the Central Bank of Egypt Reuters
Kuwait currently holds $4bn in deposits with the Central Bank of Egypt

Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report.  

The deposit, scheduled to be due in April 2024, will now mature in April 2025.

The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche has now been extended, the status of another $2 billion deposit that matured in September remains unclear.

Additionally, deposits totalling $5.3 billion from Saudi Arabia are set to mature in October 2026, the CBE said.

Egyptian Ambassador to Kuwait Osama Shaltout said in September that the Gulf nation has invested $20 billion in Egypt, with the financial sector being the largest recipient, Arab Times reported.  

In February, Egypt-Kuwait Holding announced it had finalised an investment of $120 million in a new medium-density fibreboard manufacturing facility and plans to expand into Egypt’s power sector.

A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop Ras El Hekma on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts told AGBI.

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