The Central Bank of Egypt released data today revealing that Egypt obtained an additional $1 billion deposit from Qatar and a $700 million deposit from Libya by the end of last year 2022.
This brings the total Qatari short-term deposits with the Central Bank of Egypt to $4 billion, while Libyan deposits reached $900 million compared to $200 million by the end of September 2022.
Short-term deposits from Arab countries with the Central Bank of Egypt reached $14.9 billion compared to $13.2 billion at the end of September last, while long-term deposits from Arab countries remained at $15 billion according to Central Bank of Egypt data.
The Gulf deposits, which the countries agreed to renew until the end of Egypt's program with the IMF, include $4 billion from Kuwait divided into two deposits, $5.7 billion Emirati deposits and $5.3 billion Saudi deposits.
Investor sentiment toward the Egyptian economy improved in May amid signs of progress in the government's IPO program. The Egyptian government implemented the first deals under the program in May, selling its stake in Pakin Chemical Industries and 10% in Egypt's Telecom Company.
The government is working to complete several other deals under its IPO program. Companies with progress in acquisition negotiations include Egypt Telecom's stake in Vodafone Egypt, Wataniya and Safi companies, Egyptian Drilling Company, and Egyptian Linear Alkyl Benzene Company (ILAB).
