CAIRO: The European Union came out on the top of the list of creditors to Egypt with $10.8 billion, followed by Japan at $4.2 billion, then the United States at $3.1 billion, a report published by the Central Bank stated on Thursday. Kuwait topped the list of Arab creditors to Egypt with total loans amounting to $854.1 million by the end of the last fiscal year, followed by Saudi Arabia with loans of $307.6 million, the UAE at $162.4 million. The annual report from the Central Bank explained that the total Egypt debt to Arab countries through the end of June 2011 amounted to approximately $1.6 billion, which accounted for 4.6 percent of the total Egyptian debt and debts to countries such as Libya, Jordan, Yemen and Sudan to Egypt ranged between $20 and $50 million dollars. It explained that the total external debt of Egypt, reached through the end of last June was at $34.9 billion, an increase of $1.2 billion compared to the previous fiscal year, despite the government declaring that it had paid almost one billion dollars of debt during the year. It also noted that the percentage of government debt to the volume of external debt reached 94.5 percent, equivalent to $33 billion, while the total volume of private sector debt was at $1.9 billion, and total external debt of Egypt during the last fiscal year was $2.8 billion, an increase of $158.4 million dollars from the previous fiscal year. BM ShortURL: http://goo.gl/421T4 Tags: debt, Economy Section: Business, Egypt, Latest News
