Egypt’s external debt stood at $155.1bn in December 2024, up by about $2.2bn (1.4%) compared to June 2024. This increase was mainly due to higher disbursements of external loans, which rose by $2.8bn, as well as the appreciation of the US dollar against other external debt currencies, adding $0.6bn.
The latest figures – revealed by the Central Bank of Egypt (CBE) – reflect not only Egypt’s ongoing reliance on external borrowing to bridge financing gaps but also highlight the country’s exposure to fluctuations in global currency markets. With international conditions remaining volatile, especially amid shifting interest rate cycles and strong demand for the dollar, the composition and serviceability of Egypt’s external debt remain central to economic policy debates.
Breakdown by Maturity
By original maturity, the figures confirm the continuing dominance of long-term debt in Egypt’s external obligations. In December 2024, long-term debt accounted for $124.1bn, while short-term debt represented $31.0bn. However, when measured by residual maturity—which reflects the portion of debt falling due within one year regardless of original term—short-term obligations amounted to approximately $49.9bn. Meanwhile, long-term debt under this measure was recorded at about $105.2bn.
This maturity structure demonstrates that while Egypt continues to favour long-term borrowing to reduce rollover risks, the size of debt maturing in the short run remains significant. Analysts caution that such short-term exposure can weigh heavily on foreign reserves, particularly if external refinancing conditions tighten.
Breakdown by Type
The stock of long-term external debt reached $124.1bn in December 2024, making up 80.0% of total external debt. This figure represented a decline of around $2.8bn compared with June 2024, reflecting shifts in Egypt’s borrowing patterns and repayments.
Debt owed to multilateral institutions amounted to roughly $46.1bn, down by $2.8bn from June 2024. Bonds, notes, and Sukuk issued abroad—held by non-residents—stood at $27.3bn, a decline of about $0.4bn.
The composition of these securities as of December 2024 included approximately $19.6bn in Eurobonds denominated in US dollars, and the equivalent of about $3.9bn in Eurobonds denominated in euros. Egypt also had around $1.4bn in Sukuk issued in US dollars, $861.3m in Samurai bonds issued in Japanese yen, $712.6m in Green bonds issued in US dollars, $479.5m in Panda bonds denominated in Chinese yuan, and $345.5m in sovereign notes issued in US dollars.
Meanwhile, buyers’ and suppliers’ credit fell to $18.2bn, down by $1.9bn. Other bilateral debt rose to $15.8bn, up by $1.7bn. Long-term deposits placed by Arab countries at the CBE remained unchanged at $9.3bn—comprising $5.3bn from Saudi Arabia and $4.0bn from Kuwait. Repurchase Agreements (Repo) were recorded at $4.5bn.
The non-guaranteed private sector also expanded its borrowing, with debt rising to $2.3bn, up by $586.9m. This included $100m representing a Green Bond issued by Commercial International Bank in July 2021, and $499m in Sustainability Bonds issued by the Arab African International Bank in December 2024.
Rescheduled bilateral debt, by contrast, decreased by $139m to reach $0.6bn.
On the short-term side, debt rose sharply, reaching $31.0bn in December 2024, an increase of $5.0bn compared with June. Deposits from Arab countries at the CBE accounted for about 35.8% of this short-term stock, or around $11.1bn.
Breakdown by Currency
The currency composition of Egypt’s external debt remains a key indicator of exposure to foreign exchange risks. In December 2024, the US dollar was by far the dominant borrowing currency, making up $105.0bn or 67.7% of total external debt. The euro was the second most significant at $18.9bn.
Other major currencies totalled $31.2bn, distributed as follows: Special Drawing Rights (SDRs) accounted for $16.0bn, the Chinese yuan for $4.9bn, the Kuwaiti dinar for $3.8bn, the Japanese yen for $3.4bn, and other currencies collectively for $3.1bn.
This heavy reliance on the dollar underscores the vulnerability of Egypt’s debt profile to dollar strength, as observed during 2024, when the greenback’s appreciation added significantly to the debt burden in valuation terms.
Breakdown by Creditor
An analysis of creditors shows that $49.4bn of Egypt’s debt was owed to multilateral institutions. The International Monetary Fund (IMF) alone accounted for 30.6% of these loans, or the equivalent of $15.1bn. These were distributed across several programmes, including $6.4bn under the Extended Fund Facility (EFF), $3.7bn from SDR allocations, $2.4bn from the Stand-By Arrangement (SBA), $0.7bn through the Rapid Financing Instrument (RFI), and $1.9bn under the New Extended Fund Facility.
Other major multilateral creditors included the International Bank for Reconstruction and Development (IBRD) with $12.2bn (24.7%), the European Investment Bank (EIB) with $4.3bn (8.6%), and the African Development Bank (AfDB) with $2.5bn (5.1%).
In addition, Egypt owed $37.7bn to Arab countries, with Saudi Arabia contributing the largest share at $13.9bn (8.9% of total external debt), followed by the UAE at $11.3bn (7.3%) and Kuwait at $6.0bn (3.9%).
Paris Club members were another significant source, with Egypt owing $15.8bn to six member countries: Russia ($4.2bn), the USA ($3.3bn), Japan ($2.6bn), France ($2.4bn), Germany ($2.1bn), and the UK ($1.2bn). Separately, debt to China amounted to $8.6bn.
Breakdown by Debtor Sector
The composition of external debt by debtor sector reveals further insights into Egypt’s obligations. In December 2024, compared with June 2024:
Other sectors’ external debt rose by $2.6bn to $19.9bn, representing 12.8% of total external debt. This increase was mainly driven by higher short-term trade credits.
Banks’ external debt increased by $1.0bn to $21.7bn, accounting for 14.0% of the total. This was the net effect of a $1.8bn rise in short-term debt and a $768.5m decline in long-term borrowing.
The CBE’s external debt fell by $417.5m to $34.3bn, representing 22.1% of total debt. This reflected a $910.4m decline in long-term debt, partially offset by a $492.9m rise in short-term currency and deposits.
Government debt continued to dominate the structure, representing around 51.1% of external debt. However, its outstanding obligations fell by about $973.8m to $79.2bn, largely due to a reduction in long-term borrowings.
External Debt Service
Servicing costs increased substantially. External debt service reached $21.3bn during July–December 2024/2025, up by $5.8bn compared with the same period of the previous fiscal year, when it stood at $15.5bn. The rise was driven almost entirely by a $6.2bn increase in principal repayments, while interest payments declined slightly by about $0.4bn.
The sharp rise in repayments highlights the growing pressure on Egypt’s external financing position, with debt servicing absorbing a rising share of foreign exchange inflows.
External Debt Indicators
Several indicators underline the mounting burden. The ratio of external debt to GDP increased to 42.9% in December 2024, compared with 38.8% in June 2024.
Short-term debt by original maturity rose to 20.0% of total external debt, up from 17.0% in June. Its ratio to net international reserves increased to 65.8%, up from 56.1%.
When measured by residual maturity, short-term debt stood at 32.2% of total external debt, compared with 34.5% in June. Its ratio to reserves, however, fell to 106.0% from 113.8%.
The ratio of external debt to exports of goods and services reached 240.4%, slightly down from 243.4% in June.
Meanwhile, the debt-service ratio (on an annual basis) increased to 60.0% in December from 52.4% in June. The debt-service ratio to current receipts also rose to 39.9% compared to 37.8% in June.
External Liquidity
Net International Reserves (NIR)
During the first half of fiscal year 2024/2025, NIR rose by $0.7bn to reach $47.1bn, covering 6.1 months of merchandise imports. The rise was mainly due to an increase in gold holdings of $1.2bn, partially offset by a $0.5bn fall in foreign currency reserves. By April 2025, reserves had climbed further to $48.1bn, covering 6.3 months of imports.
Net Foreign Assets of Banks (NFA)
Banks’ NFA, however, deteriorated sharply, falling by $9.2bn during July–December 2024/2025, compared with an increase of $1.0bn in the same period of the previous year.
Deposits also saw significant shifts. Foreign currency deposits at banks grew by 10.6% to reach $58.3bn, while local currency deposits rose by 10.1%. As a result, foreign currency deposits accounted for 28.1% of total deposits in December 2024.
International Investment Position (IIP)
Egypt’s net International Investment Position worsened, recording net external liabilities of $290.5bn in December 2024, up from $281.6bn in June. This increase in negative IIP stemmed from a fall in assets alongside rising liabilities.
Assets
Claims on non-residents declined by $5.3bn, or 5.8%, to $86.4bn. This was largely due to a $6.6bn (18.6%) fall in other investments, which dropped to $28.9bn, reflecting a decrease in banks’ deposits abroad.
On the positive side, reserve assets increased by $652.2m (1.5%) to $44.9bn. Portfolio investment abroad also rose modestly, by $392.1m (18.1%) to $2.6bn, while direct investment abroad increased by $232.8m (2.4%) to $10.0bn.
Liabilities
Liabilities to non-residents increased by $3.6bn (1.0%) to $376.9bn. This was driven mainly by a $6.0bn (3.0%) rise in foreign direct investment (FDI), which reached $205.2bn, accounting for 54.5% of total liabilities.
Other investments also rose by $2.1bn (1.7%) to $127.2bn, largely due to an increase in short-term trade credit to other sectors.
Portfolio investment in Egypt, however, fell by $4.5bn (9.3%) to $44.5bn. This reflected an $8.0bn drop in foreign holdings of Egyptian treasury bills, partly offset by a $3.5bn increase in foreign holdings of treasury bonds.
Indicators
Egypt’s negative net IIP as a share of GDP widened to 80.3% in December 2024, up from 71.4% in June. This reflected a rise in the liabilities-to-GDP ratio to 104.2%, compared with 94.7%, while the assets-to-GDP ratio declined slightly to 23.9% from 23.3%.
Consequently, the assets-to-liabilities ratio slipped to 22.9% in December, down from 24.6% in June.
