Kuwait extends $2bln deposit with Central Bank of Egypt for 1 year

The deposit, initially set to mature in April 2024, is part of Kuwait’s broader financial support to Egypt

Staff Writer, Arab Finance

December 4, 2024

PHOTO

Kuwait has renewed a $2 billion deposit with the Central Bank of Egypt (CBE) for an additional year, according to the CBE’s latest report on Egypt’s external position.

The deposit, initially set to mature in April 2024, is part of Kuwait’s broader financial support to Egypt.

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.

Kuwait’s deposits are part of a broader strategy by Gulf states to support Egypt’s economy amid ongoing fiscal challenges.

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