CAIRO, April 29, 2018 - Kuwait has agreed in principle to renew its four-billion-dollar deposit in Egypt, Central Bank of Egypt (CBE) Governor Tarek Amer said on Sunday. Egypt pays off all foreign dues on time, Amer said, adding that the government currently attaches great importance to diversifying the sources of external debt. Amer was speaking on the sidelines of the Arab Banking Conference for 2018,"Fintech Innovations and the Future of Financial Services," which is held by the Union of Arab Banks. Addressing a conference of the Union of Arab Banks on Sunday, Amer said a new bill on banks shall be reviewed by the board of the Central Bank of Egypt Monday. The draft law had already been discussed with international legal and financial firms, as well as the World Bank. In statements to MENA ahead of the Union of Arab Banks conference on financial technology (Fintech) creations, the Deputy Governor of the Central Bank of Egypt Gamal Negm said cash flow to banks in Egypt has increased to around $80 billion since the liberation of exchange rate.
