Egypt Receives $1 Billion Deposit from Qatar and $700 Million from Libya: Central Bank Data

Data from the Central Bank of Egypt, which was issued today, Sunday, revealed that Egypt had obtained an additional $1 billion deposit from Qatar, and another $700 million from Libya by the end of last year 2022.

According to this data, the total short-term Qatari deposits with the Egyptian Central Bank amounted to 4 billion dollars, while Libya’s deposits reached 900 million dollars, compared to 200 million by the end of September 2022.

Short-term deposits from Arab countries with the Central Bank of Egypt reached $14.9 billion, compared to $13.2 billion at the end of last September, and long-term deposits from Arab countries stabilized at $15 billion, according to Central Bank of Egypt data.

The Gulf deposits, which the countries agreed to renew until the end of Egypt’s program with the International Monetary Fund, include $4 billion for Kuwait, divided into two deposits, the first due in September 2023 and the second in April 2023, $5.7 billion in UAE deposits, and $5.3 billion in Saudi deposits. .

Investors’ sentiment towards the Egyptian economy was boosted during the month of May amid signs of progress in the government’s offering program. The Egyptian government implemented the first deals within the program during the month of May, as it sold its share in the Paints and Chemical Industries Company (Pachin), in addition to 10% in Telecom Egypt.

The government is working on completing several other deals within the framework of implementing the government offering program. Among the companies that there is progress in negotiations regarding its acquisition, are Telecom Egypt’s share in Vodafone Egypt, the “Wataniya” and “Safi” companies, the Egyptian Drilling Company, and the Egyptian Company for the Production of Linear Alkyl Benzene (ELAP).