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Egypt's central bank pays off $700 million in debt to Paris Club Egypt's total external debt stood at $6.5 billion as of December 2013, or 15.5 percent of GDP, compared to $5.6 billion in December 2012, or 14 percent of GDP
Egypt paid $700 million of its debt to the Paris Club on Friday, Hisham Ramez, governor of the Central Bank of Egypt (CBE), told Reuters. By the end of December 2013 Egypt's debt to the Paris Club was $3.7 billion, according to the CBE. The central bank also paid $700 million in January of this year, according to Reuters. The Paris Club is a group of 19 creditor countries, established in 1956 to provide financial services to developing countries. Egypt resorted to the club in 1991. Egypt's total external debt stood at $6.5 billion as of December 2013, or 15.5 percent of GDP, compared to $5.6 billion in December 2012, or 14 percent of GDP http://english.ahram.org.eg/News/105674.aspx
