Reducing public and external debt, along with easing the burden of debt servicing, remains a primary objective for the Egyptian government during the current phase, Prime Minister Mostafa Madbouly said during the meeting of the External Debt Management and Borrowing Regulation Committee on December 16th.

Telecom Egypt expects to fully repay its debts within the next four to five years

Qalaa Holdings has completed transferring the capital-increase shares from QHRI to shareholders who took part in the company’s debt-purchase transaction, marking the final step in concluding all procedures related to the deal, as per an emailed press release.

Qalaa Holdings’ board of directors met to review the company’s plans to reduce loans and borrowing costs and agreed on several measures to be studied further.

Egypt’s external debt service rose 37% year on year (YoY) in the first half (H1) of the current fiscal year (FY) to $21.3 billion.

Dues of the Egyptian Ministry of Petroleum and Mineral Resources to the Ministry of Electricity exceeded EGP 205 billion by the end of January.

Egypt has paid $38.7 billion in debt in 2024, of which $7 billion was paid in November and December alone.

Egyptian Refining Company (ERC), a subsidiary of Qalaa Holdings, has finalized its senior and subordinated debt restructuring as of December 20th, 2024.

Telecom Egypt has signed an EGP 18 billion syndicated loan with 13 banking institutions to refinance its short-term debt and improve its financial flexibility.

Orascom Development Egypt (ODE) has signed an agreement with the International Finance Corporation (IFC) to secure a loan worth $155 million.

Qalaa Holdings has sealed a debt settlement agreement with four banks for a total of EGP 4.547 billion.

Qalaa Holdings has finalized a debt settlement agreement, transferring a 17.7% stake in TAQA Arabia, equivalent to 239 million shares, to settle EGP 3.35 billion in debt with four local banks, as per a disclosure.

The Egyptian National Railways (ENR) has reached an agreement with the Egyptian General Petroleum Corporation (EGPC) to settle EGP 6 billion in debt over the next five years.

EgyptAir has fully paid off its 13-year accumulative debts of EGP 10 billion, owed to the Egyptian General Petroleum Corporation (EGPC), at the end of the elapsed fiscal year (FY) 2023/2024.

Egypt seeks to achieve a primary surplus of 3.5% of gross domestic product (GDP) during the current fiscal year (FY) 2024/2025, the new Minister of Finance Ahmed Kouchouk announced.

Egypt has attracted $23.7 billion worth of indirect foreign investments in the Egyptian debt instruments, particularly treasury bills (T-bills), during the month following the liberalization of the Egyptian pound in March.

Qalaa Holdings has collected EGP 1.711 billion from brokerages on behalf of their clients in the its second and final phase of its debt buyback program, with a coverage ratio of 808%.

The Egyptian Electricity Holding Company (EEHC), affiliated with the Ministry of Electricity, has borrowed around EGP 51 billion from a local banking consortium of five banks to pay off part of its debt to the Ministry of Petroleum and Mineral Resources.

Egypt's medium and long-term public and guaranteed external debt services are forecast to climb by approximately $2.44 billion in 2024 and 2025, reaching a staggering $56.74 billion, according to the Central Bank of Egypt (CBE) latest report on the external situation of the Egyptian economy.

Egypt's government debt to gross domestic product (GDP) ratio rose marginally to 81.4% in the first quarter (Q1) of 2024 from 80.5% in Q1 2023.