Egypt says 4 bln dollars of debt paid to African Export-Import Bank

 Egypt has paid back a total $4 billion to the African Export-Import Bank, the central bank said on Tuesday.

The central bank said on Monday it had paid back $2 billion of a $3.2 billion loan and would repay the remaining $1.2 billion by the end of December, state news agency MENA reported.

Newspaper El-Borsa reported on Tuesday that the central bank said it had also paid back $2 billion under a repurchase agreement.

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 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 loan programme last month and the lender’s board is expected to approve a third, $2 billion, disbursement of funds this month.

The latest foreign reserve total did not account for Monday’s payment to the African

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