RIYADH: Egypt’s foreign debt increased by $3.5 billion in the fourth quarter of 2023, reaching a total of $168 billion, as reported by the nation’s planning ministry.
This marks a climb from the $164.5 billion recorded at the end of September, representing 42.4 percent of the nation’s gross domestic product. Notably, 81 percent of this debt is categorized as long-term.
This uptick in foreign borrowing is part of a broader trend over the last decade, during which Egypt has significantly increased its external debt, investing heavily in state-driven projects.