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| 05 December, 2017

Egypt repays $4bln of debt to African Export-Import Bank

An employee counts U.S. dollars at ACLEDA bank in Phnom Penh March 31, 2010.

An employee counts U.S. dollars at ACLEDA bank in Phnom Penh March 31, 2010.

REUTERS/Chor Sokunthea

Egypt's foreign reserves were $36.723 billion at the end of November

CAIRO: Egypt has paid back a total of $4 billion of its debts to the African Export-Import Bank, the central bank was reported as saying on Tuesday.

The central bank had paid back $2 billion of a $3.2 billion loan, Egyptian state news agency MENA reported, while newspaper El-Borsa said that it had also paid back $2 billion under a repurchase agreement.

African Export-Import Bank Executive Vice President Amr Kamel told reporters on the sidelines of a conference that the central bank would repay the remaining $1.2 billion on Dec. 7.

Egypt's foreign reserves were $36.723 billion at the end of November, having climbed steadily since it secured a $12 billion, three-year International Monetary Fund (IMF) loan programme last year as it tries to lure back foreign investors and revive its ailing economy.

An IMF team completed its second review of Egypt's performance under the programme last month and its board is expected to approve a third, $2 billion, disbursement this month.

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The latest foreign reserve total did not account for this week's payment to the African Export-Import Bank.  

(Reporting by Ehab Farouk; writing by John Davison; editing by Catherine Evans) ((mailto:John.Davison@thomsonreuters.com;))