A recent World Bank report showed that Egypt was the largest borrower in the Middle East and North Africa region during the past year, as it acquired nearly 34% of the region’s total debt. According to the report, the accumulation of debt in Egypt increased the region’s debt burden by 5.3%, which is the most massive jump from 2009. The Middle East and North Africa region’s total external debt last year was $ 340 billion, compared to $ 323 billion in 2018. Egypt’s external debt increased by 14.9% in 2019, to $ 115.1 billion, compared to $ 100.1 billion in 2018.
World Bank data showed that these sums included withdrawing $ 13.1 billion from International Monetary Fund loans, about $ 90.7 billion for long-term commitments, and EGP 11.3 billion for short-term liabilities. A large part of the foreign debt in 2019 is due to the issuance of international bonds worth 8 billion dollars, and the remaining part, worth 4 billion dollars, of the extended credit facility agreement that Egypt signed with the International Monetary Fund in 2016, worth 12 billion dollars. A research paper issued by the Research Department of HC Securities and Investment had previously predicted that Egypt’s external debt would rise during the first half of this year 2020 to record $ 125 billion in June 2020.