Kuwait has renewed a $2 billion USD deposit with the Central Bank of Egypt (CBE) for another year, according to a report released by the Bank on Wednesday on the external position of the Egyptian economy.
The report revealed that the deposit was originally due in April 2025 but has been renewed for one year, extending its maturity until April 2026, RT Arabic reported.
The CBE holds two Kuwaiti deposits totaling $4 billion USD. One of these deposits, valued at $2 billion, was due last September, in addition to the second deposit that has now been renewed.
The total foreign deposits held by the CBE reached approximately $9.3 billion USD as of last June, divided between Saudi Arabia ($5.3 billion USD) and Kuwait ($4 billion USD).
Egypt’s foreign currency reserves surpassed the $50 billion USD level for the first time at the end of last October, recording $50.07 billion USD.
Kuwait ranks fifth among the top investing countries in Egypt and third in the Arab world, following the UAE and Saudi Arabia.
The Egyptian Prime Minister conducted an official visit to Kuwait last February to discuss several issues and topics of mutual interest, primarily focusing on strengthening economic cooperation between the two countries and supporting Kuwaiti investments in Egypt.
