Central Bank of Egypt

Central Bank of Egypt External Position of the Egyptian Economy July/December 2017/18 Volume No. (60)

Central Bank of Egypt External Position Preface The External Position of the Egyptian Economy Report is a series produced by the Economic Research Sector in the Central Bank of Egypt (CBE). The report tracks, on a quarterly basis, the international transactions that the Egyptian economy conducts with the rest of the world. It relies, for this purpose, on the national statistics that are regularly compiled in line with the SDDS prescriptions. Enthused by the CBE keenness to enhance its disclosure, transparency and communication policy, the Report is meant to serve several functions. Generally, it spreads, to a broad array of readers, knowledge of Egypt s external accounts including the balance of payments, external debt, international investment position and external liquidity. Particularly, it monitors key external sector performance indicators of the economy in order to identify areas of policy needs. The information revealed in this series has also significant implications for decision-making, investment climate, doing-business environment and sovereign credit ratings. The report contains 6 sections. The first section gives a performance portrait of the key components of Egypt's Balance of Payments (BOP). The second and third review developments related to the International Investment Position (IIP) and external liquidity. The fourth and fifth show Egypt's external debt in its different classifications and the exchange rate developments. The last section is a statistical part that provides more details on the above mentioned five sections. This is in addition to a glossary. The report is downloadable from CBE website www.cbe.org.eg Hard copies can be obtained from the Economic Research Sector, 8th floor, 54 El Gomhoreya Street, Cairo.

Central Bank of Egypt External Position Table of Contents Overview Page Section I: Balance of Payments (BOP) BOP Performance 1 1-Current Account 1 2-Capital and Financial Account 4 Section II: International Investment Position (IIP) 7 Section III: Section IV: External Liquidity A -Net International Reserves (NIR) 9 B -Net Foreign Assets of Banks (NFA) 9 External Debt A - Breakdown by Maturity 11 B - Breakdown by Type 12 C - Breakdown by Currency 12 D - Breakdown by Creditor 13 E - Breakdown by Debtor 13 F - External Debt Indicators 14 Section V: Exchange Rate Developments 15 Section VI: Statistics Appendix I 1- Balance of Payments 19 2- International Investment Position (IIP) 21 3- Coordinated Portfolio Investment Survey (CPIS) 22 4- NIR & NFA at Banks 23 5- External Debt by Type 24 6- External Debt Indicators 25 7- External Debt by Debtor 26 8- Foreign Exchange Rates 27

Central Bank of Egypt External Position Table of Contents (Cont.) Page Appendix II A- Outstanding External Debt 31-47 B- Disbursed and Undisbursed Amounts for Signed Loans & Deposits 48 C- Projected Medium- and Long-Term Public and Publicly Guaranteed External Debt Service 49-70 D- Projected Short-Term Debt 71 E- Exchange Rates of the Currencies of External Debt versus US Dollar 72 Appendix III Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions Box. (2): Egypt's Data Quality Dimensions 76 Box. (3): Doing Business in Egypt 77 Box. (4): Tourism Sector Performance 78 75 Glossary 79

Central Bank of Egypt External Position Overview Aiming to place Egypt's external position on a more sustainable footing and encourage foreign investors back to the country, the CBE decided on 3 November 2016 to unpeg the Egyptian pound, allowing its value to float. Accordingly, bid and ask exchange rates would be determined by forces of demand and supply. By floating the pound, the Central Bank would eventually be able to fully dismantle FX restrictions, reducing disruptions to activity. Such a courageous move aims to quash the currency parallel market and attract the much-needed foreign capital. This Decision helped replenish international reserves through the official market. Egypt's transactions with the external world recorded an overall BOP surplus of about US$ 5.6 billion during the first half of FY 2017/2018 (against about US$ 7.0 billion in the corresponding period). The current account deficit narrowed by 64.0 percent to about US$ 3.4 billion (from about US$ 9.4 billion). The capital and financial account recorded a net inflow of about US$ 10.4 billion (against about US$ 18.7 billion). The decline in the current account deficit was mainly traceable to the following developments: the services surplus surged, recording about US$ 5.3 billion, net unrequited current transfers scaled up by 29.5 percent to about US$ 13.1 billion, the trade deficit narrowed by 1.4 percent to about US$ 18.7 billion, and the income balance ran a deficit of about US$ 3.0 billion. The capital and financial account revealed the following developments: the net inflows of FDI in Egypt registered about US$ 3.8 billion, portfolio investment in Egypt accelerated, registering a net inflow of US$ 8.0 billion, and other assets and liabilities achieved a net outflow of about US$ 5.7 billion. Egypt s International Investment Position (IIP) at end of December 2017 recorded net external liabilities (assets minus liabilities) of about US$ 139.6 billion, up by 6.6 percent compared to end of June 2017. Net International Reserves (NIR) increased by US$ 5.7 billion to reach US$ 37.0 billion, thus covering 7.2 months of merchandise imports at end of December 2017. The increase was a result of the rise of foreign currencies by about US$ 5.6 billion and of gold by US$ 0.1 billion. During the Report s preparation, NIR reached US$ 44.0 billion at end of April 2018. Banks net foreign assets increased by around US$ 0.03 billion during July/ December 2017/2018. Foreign currency deposits with banks decreased by 0.2 percent during the period concerned, reaching US$ 38.4 billion at end of December 2017. As a percentage of total deposits, they made up 24.3 percent. Total external debt increased by about 4.9 percent to about US$ 82.9 billion at end of December 2017, from US$ 79.0 billion at end of June 2017. The external debt remains within manageable limits, and its position continues to have a favorable structure, as 86.6 percent of the debt are medium- and long-term. The weighted average of the interbank foreign exchange market rate revealed that the Egyptian pound interbank rate depreciated by 2.0 percent during July/Dec. 2017/2018, as the EGP reached 17.7277 per US dollar at end of December 2017, against EGP 18.0911 per US dollar at end of June 2017.

Section I Balance of Payments (BOP)

Central Bank of Egypt External Position 1 E gypt's transactions with the external world recorded an overall BOP surplus of about US$ 5.6 billion during the first half of the fiscal year 2017/2018 (against about US$ 7.0 billion in the corresponding period). The current account deficit narrowed by 64.0 percent to about US$ 3.4 billion (from about US$ 9.4 billion). The capital and financial account recorded a net inflow of about US$ 10.4 billion (against about US$ 18.7 billion). Chart (1) shows the developments in Egypt s BOP main components, on quarterly basis. US$ bn 12.0 10.0 8.0 6.0 4.0 2.0 0.0-2.0-4.0-6.0 Chart (1) : Egypt's BOP Main Components Q1 Q2 Q1 Q2 2016/2017 2017/2018 Capital & Financial Account Current Account Overall Balance 1- Current Account The decline in the current account deficit was mainly traceable to the following developments: the services surplus surged, recording about US$ 5.3 billion (against about US$ 1.8 billion), net unrequited current transfers scaled up by 29.5 percent to about US$ 13.1 billion (versus about US$ 10.1 billion), the trade deficit narrowed by 1.4 percent to about US$ 18.7 billion (from about US$ 19.0 billion), and the income balance ran a deficit of about US$ 3.0 billion. BOP Performance 1.1: Trade on Goods Trade volume increased by 7.4 percent, to reach US$ 42.9 billion (18.7 percent of GDP) during July/December 2017/18. The trade deficit decreased by US$ 268.5 million, to US$ 18.7 billion (8.2 percent of GDP) from US$ 19.0 billion, due to the following developments: Merchandise exports increased by 15.4 percent to US$ 12.1 billion, due to the increase in both oil exports by 29.9 percent, to reach US$ 3.8 billion (31.6 percent of total exports) and in non-oil exports by 9.7 percent to reach US$ 8.2 billion (68.4 percent of total exports). As a result, the exports/imports ratio mounted to 39.1 percent, from 35.5 percent. Merchandise imports increased by 4.5 percent to US$ 30.8 billion, reflecting the increase in both oil imports by 12.2 percent to US$ 6.0 billion (19.4 percent of total imports), and in non-oil imports by 2.9 percent to US$ 24.8 billion (80.6 percent of total imports). عنوان المحور US$ $ bn 15.0 10.0 5.0 0.0-5.0-10.0-15.0-20.0-25.0-30.0-35.0 Chart (2): Oil & Non-oil Exports and Imports July/December 2015/2016 2016/2017 2017/2018 oil exports non-oil exports oil imports non-oil imports Trade balance The following charts illustrate the distribution of commodity exports by degree of processing and imports by degree of use during July/December 2017/18.

Central Bank of Egypt External Position 2 Fuel, mineral oils & products 32.5% Fuel, mineral oils & products 20.2% Chart (3): Proceeds of Merchandise Exports US$ 12.1 bn Hereunder is the geographical distribution of merchandise exports and imports: Asian Countries (Non-Arab) 9.3% Raw materials 7.0 % Semifinished goods 16.9% Chart (4): Payments for Merchandise Imports Raw materials 9.5% US$ 30.8 bn, of which Intermediate goods 31.7% Investment goods 14.7% Finished goods 43.6% Chart (5) : Exports by Geographical Distribution July/December 2017/2018 African Countries (Non-Arab) 2.9% Arab Countries 24.5% Australia& Other Countries 11.6% USA 8.2% Russian Federation &C.I.S 0.8% EU 34.3% - Egypt's main trade partners in terms of exports were UAE, Italy, USA, UK, Turkey, Saudi Arabia, Germany, India, Switzerland, and Spain. These countries combined accounted for some 57.5 percent of total exports. Chart (6) : Imports by Geographical Distribution July/December 2017/2018 Consumer goods 21.0% Other EU Countries 8.4% Australia& - As African for imports, Other Egypt's trade EU Countries Countries 26.9% partners (Non-Arab) 13.0% were China, UAE, Saudi 1.5% Arabia, Russia, Germany, USA, Asian Other EU UK, Countries France, Switzerland, Countries Brazil, (Non-Arab) 6.4% Italy 19.6% and Turkey. These countries Russian combined, Arab accounted USA for some Countries Federation & C.I.S 20.4% 4.4% 7.8% 53.8 percent of total imports. - As for imports, Egypt's trade partners were China, UAE, Saudi Arabia, Russia, Germany, USA, UK, France, Switzerland, Brazil, Italy, and Turkey. These countries combined accounted for some 53.8 percent of total imports. 1.2: Services Balance Services surplus surged, recording US$ 5.3 billion (against US$ 1.8 billion), as the increase in services receipts outpaced the rise in services payments, as follows: US$ bn 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0-1.0-2.0-3.0-4.0 Chart (7) : Services Balance Q1 Q2 Q1 Q2 2016/2017 2017/2018 Services Receipts Services Payments Services Balance 1.2.1: Services receipts increased by 62.5 percent, to some US$ 10.7 billion (against about US$ 6.6 billion), driven by the increase in the following items: Tourism revenues to about US$ 5.0 billion (against about US$ 1.6 billion), driven by the increase in the number of tourist nights to 52.1 million nights (against 19.2 million nights). This was concurrent with the increase in the average tourist spending per night from US$ 82.5 to US$ 95.6. Transportation receipts by 18.8 percent to about US$ 4.4 billion (against some US$ 3.7 billion), due to the increase in the receipts of Egyptian navigation and airline companies. Another contributing factor, the increase in Suez Canal dues by 10.1 percent to about US$ 2.8 billion (against some US$ 2.5 billion), which increased, in turn, as a result of the increase in net tonnage by 9.4 percent, and the increase of SDR against the US dollar by 2.1 percent.

Central Bank of Egypt External Position 3 Government services receipts to US$ 269.7 million (against US$ 123.4 million), due to the increase in the Arab League expenses & the international organizations located in Egypt, and the expenses of the foreign embassies in Egypt. On the other hand, Other services receipts decreased by 7.7 percent to US$ 1.1 billion (against US$ 1.2 billion), due to the fall in the fees of communication services, cultural & recreational services, legal and consultation fees. US$ bn 5.0 4.0 3.0 2.0 1.0 0.0-1.0-2.0 Q1 Q2 Q1 Q2 Other Services Balance Tourism Services Balance Services Balance Chart (8): Services Balances 2016/2017 2017/2018 Government Services Balance Transportation Services Balance 1.2.2: Services payments rose by 12.0 percent, to about US$ 5.4 billion (against about US$ 4.9 billion), driven by the increase in the following items: Government services payments to US$ 989.1 million (against US$ 374.8 million), reflecting the increase in expenses of other government payments, salaries of governmental employees abroad, and expenses of Egyptian embassies abroad. Transportation payments by 22.9 percent, to US$ 733.9 million (against US$ 597.3 million), due to the rise in the amounts transferred by foreign airline and navigation companies. Other services payments by 19.3 percent, to about US$ 2.6 billion (against about US$ 2.1 billion), driven by the increase in the amounts transferred abroad by communication services, computer services, and subscription to magazines & newspapers. On the other hand, Travel payments fell by 33.3 percent to about US$ 1.2 billion (against about US$ 1.7 billion), due to the decline of e-card payments, pilgrimage (Hajj & Umrah) expenses, expenses of tourism and medical care, payments of travel agencies &hotels, and expenses of training and educational mission abroad. 1.3: Income Balance Investment income balance ran a deficit of about US$ 3.0 billion in July/Dec. 2017/18 (against some US$ 2.3 billion), as an outcome of the rise of investment income payments to register about US$ 3.5 billion (against some US$ 2.4 billion), 59.0 percent of which were profit transfers by (oil and non-oil) foreign companies operating in Egypt. Add to this the increase of investment income receipts to register US$ 412.7 million (against US$ 176.0 million). US$ bn 0.5 0.0-0.5-1.0-1.5-2.0 Chart (9): Income Balance Q1 Q2 Q1 Q2 2016/2017 2017/2018 Income Receipts Income Payments Income Balance

Central Bank of Egypt External Position 4 1.4:Unrequited current transfers (Net) Net unrequited current transfers scaled up by 29.5 percent to US$ 13.1 billion (from US$ 10.1 billion), mainly due to the increase in net private transfers from US$ 10.0 billion to US$ 13.0 billion, supported by the increase in workers remittances by 29.3 percent. On the other hand, the net official transfers declined to US$ 68.3 million (from US$ 72.9 million). US$ bn 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Against this background, some of the external balance indicators changed as shown in chart (11). % 250 200 150 100 50 0 Chart (10) : Remittances of Egyptians Working Abroad Q1 Q2 Q1 Q2 2016/2017 2017/2018 Workers' Remittances Remittances to GDP Chart (11): External Balance Indicators July/Dec. 74.4 91.5 Current Receipts / Current Payments 136.2 197.7 Services Receipts / Services Payments 2016/2017 2017/2018 35.5 39.1 (%) 3.5 3 2.5 2 1.5 1 0.5 0 Merchandise Exports / Merchandise Imports 2- Capital and Financial Account The capital and financial account recorded a net inflow of about US$ 10.4 billion in July/Dec. 2017/18 (against some US$ 18.7 billion), as an outcome of: A- Total FDI inflows registered about US$ 6.6 billion (against US$ 7.4 billion), while total outflows recorded about US$ 2.8 billion (against about US$ 3.1 billion). Accordingly, net inflows of FDI in Egypt decreased to about US$ 3.8 billion (against about US$ 4.3 billion). It is worth mentioning that net inflows for oil sector investments increased by 16.7 percent, to post about US$ 2.1 billion (against about US$ 1.8 billion). The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 64.6 percent. As for the other sectors, the majority of FDI went to the services sectors, with 11.4 percent distributed as follows: the financial sector (2.8 percent), the real estate sector (2.5 percent), the communication and information technology (2.2 percent), tourism sector (0.3 percent), and other services sectors (3.6 percent). The share of the manufacturing sector was 10.4 percent, the construction sector was 5.7 percent, the agricultural sector was 0.1 percent, and the remaining portion was acquired by undistributed sectors.

Central Bank of Egypt External Position 5 Chart (12): Total FDI in Egypt by Economic Sector July/Dec. 2017/2018 Construction sector 5.7% Agriculture sector 0.1% Manufacturing sector 10.4% Petroleum sector 64.6% Undistributed sector 7.8% Services sector 11.4% Real Estate sector 2.5% Financial sector 2.8% Tourism sector 0.3% Communication sector 2.2% Other Services sector 3.6% B- Portfolio investment in Egypt augmented to unfold a net inflow of about US$ 8.0 billion (against US$ 212.9 million). This was largely ascribed to the rise in foreigners' investments in the Egyptian Treasury bills, recording net purchases of about US$ 8.1 billion (against US$ 686.7 million). C- Medium - and long-term loans and facilities achieved net disbursements of about US$ 3.5 billion (against about US$ 5.0 billion). D- Short-term suppliers' credit realized net drawings of about US$ 1.1 billion (against about US$ 2.0 billion). E- Other assets and liabilities achieved a net outflow of about US$ 5.7 billion (against a net inflow of about US$ 7.1 billion). This came on the back of the decline in the net change in the liabilities of the CBE to the external world, to post a net external repayment of about US$ 3.1 billion in the reporting period (against a net disbursement of about US$ 8.1 billion).

Section II International Investment Position (IIP)

Central Bank of Egypt External Position 7 International Investment Position (IIP) At end of December 2017* Egypt s IIP at end of December 2017, recorded net external liabilities (assets minus liabilities) of about US$ 139.6 billion, up by 6.6 percent compared to end of June 2017. As such, Egypt s foreign assets represented about 34.5 percent of its foreign liabilities against about 33.6 percent at end of June 2017. Chart (1) US$ billion International Investment Position (IIP) End of 100 49.0 57.5 66.4 75.3 73.7 50 0-50 -100-150 -200-250 -123.7-127.5-131.0-133.5-172.7-185.0 Source: Appendix I, table (2). -197.4-208.8-139.6-213.3 Dec. March June Sept. Dec. 2016 2017 Assets Liabilities Net IIP Egypt's preliminary IIP data at end of December 2017, showed an increase in both Egypt's total assets and liabilities compared to the position at end of June 2017, to record net liabilities of about US$ 139.6 billion versus US$ 131.0 billion. Assets and Liabilities by Component: Assets increased by 11.0 percent to reach about US$ 73.7 billion at end of December 2017, from about US$ 66.4 billion at end of June 2017. Reserve assets 49.3% Chart (2) Breakdown of Assets by Component Assets Dec 2017 Direct investment abroad 10.1% Portfolio investment 2.1% Other investment 38.5% The increase was mainly due to the following developments: - Reserve assets increased by 18.6 percent to about US$ 36.3 billion. - Other investment assets increased by about 6.2 percent, to reach about US$ 28.4 billion. - Foreign direct investments increased by 1.8 percent to about US$ 7.4 billion. - Portfolio investments abroad decreased by 9.6 percent to about US$ 1.6 billion. * Released as of September 2009 according to SDDS requirements.

Central Bank of Egypt External Position 8 2- Liabilities increased by 8.1 percent to about US$ 213.3 billion at end of December 2017, from about US$ 197.4 billion at end of June 2017. Chart (3) Breakdown of Liabilities by Component Other investment 34.7% Portfolio investment 13.9% The increase was mainly due to the following developments: - Portfolio investments in Egypt increased by 38.7 percent to about US$ 29.7 billion. - Other investment liabilities increased by 5.6 percent to about US$ 74.0 billion. - FDI in Egypt increased by 3.5 percent to about US$ 109.6 billion. Indicators: Direct -20 Liabilities investment Dec 2017-40 -52.7-54.3 in Egypt 51.4% -60 - Egypt s negative net IIP to GDP at end of September 2017 increased to about 59.6 percent, versus about 55.8 percent at end of June 2017. 0-80 % Chart (4) Egypt's net IIP to GDP End of -55.8-59.5-60.8 Dec. March June Sept. Dec. 2016 2017 - Assets to liabilities increased to about 34.5 percent at end of December 2017, from about 33.6 percent at end of June 2017. % 40 30 20 10 0 Chart (5) Egypt's IIP Assets/Liabilities End of 28.4 31.1 33.6 36.1 34.5 Dec. March June Sept. Dec. 2016 2017

Section III External Liquidity

Central Bank of Egypt External Position 9 External Liquidity A-Net International Reserves (NIR) The remarkable improvements in the banking system's financial position by foreign currency led to the steady accumulation of foreign currency reserves through the formal channels. During July/December 2017/2018, NIR remained on the rise, increasing by US$ 5.7 billion (against US$ 6.7 billion in the corresponding period a year earlier) to reach US$ 37.0 billion, thus covering 7.2 months of merchandise imports at end of December 2017. (US$ bn) 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 Chart (1): NIR & Months of Imports Cov ered (Balance at End of the Month) June 2016 Dec. 2016 June 2017 Dec. 2017 Foreign Currencies Loans to IMF Gold Reserves/Months of Imports (Month) 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 During the Report s preparation, NIR reached US$ 44.0 billion at end of April 2018. End of June 2017 (US$ mn) Dec. 2017 Net International Reserves (1-2) 31305 37020 1- Gross Official Reserves 31307 37021 Gold 2602 2673 SDRs 770 749 Foreign Currencies 27904 33575 Loans to IMF 31 24 2- Reserve Liabilities 2 1 Reserves/Months of Imports 6.6 7.2 B- Net Foreign Assets of Banks (NFA) Banks' net foreign assets increased by around US$ 0.03 billion during July/December 2017/2018 (against a decline of US$ 1.5 billion in the corresponding period a year earlier). Chart (2): Foreign Assets & Liabilities of Banks (US$ bn) (End of the Month) 30.0 25.0 20.0 15.0 Assets Liabilities The increase was a result of the rise in foreign currencies by about US$ 5.6 billion and in gold by US$ 0.1 billion. 10.0 5.0 0.0 June 2016 Dec. 2016 June 2017 Dec. 2017

Central Bank of Egypt External Position 10 Foreign currency deposits with banks decreased by 0.2 percent during the period concerned, reaching US$ 38.4 billion at end of December 2017. On the contrary, local currency deposits increased by 17.2 percent. As such, the ratio of foreign currency deposits to total deposits made up 24.3 percent at end of December 2017. Chart (3): Developments in Deposits by Local and Foreign Currencies (LE bn) ( End of the Month) (%) 3000 30 2500 25 2000 20 1500 15 1000 10 500 5 0 0-500 -5 June 2016 Dec. 2016 June 2017 Dec. 2017 Foreign Currency Deposits Local Currency Deposits Growth Rate of Foreign Currency Deposits Growth Rate of Local Currency Deposits

Section IV External Debt

Central Bank of Egypt External Position 11 External Debt External debt increased by US$ 3.9 billion (4.9 percent), to post about US$ 82.9 billion at end of December 2017 (compared with about US$ 79.0 billion at end of June 2017). This increase came as a result of the rise in net disbursements of loans and facilities by US$ 2.9 billion, alongside the depreciation of most currencies of borrowing versus the US dollar by US$ 1.0 billion. A- Breakdown by Maturity By original maturity, external debt reaffirmed its usual pattern of longterm external debt predominance at end of Dec. 2017. Long-term external debt accounted for US$ 56.6 billion or 68.3 percent of the total, whereas medium-term external debt reached US$ 15.2 billion or 18.3 percent and shortterm external debt accounted for the smallest portion of US$ 11.1 billion or 13.4 percent. By residual maturity 1, medium- and long-term external debt decreased, as it represented 71.4 percent of the total debt. In comparison, they accounted for 86.6 percent of the total by original maturity. Meanwhile, short-term debt showed an increase, as it represented 28.6 percent, compared to 13.4 percent classified by original maturity. External Debt by Residual Maturity at end of Dec. 2017 (US$ million) 1. Short-term debt by original maturity 11128.4 2. Medium- & long-term debt maturing within one year 12588.7 3. External debt by residual maturity up to 1 year (1+2) 23717.1 Percentage to total external debt 28.6% Percentage to NIR 64.1% 4. Medium- & long-term debt by residual maturity 59167.4 Percentage to total external debt 71.4% chart (1) External Debt Structure by Original Maturity End of Dec. 2017 Short-term debt 13.4% Mediumterm debt 18.3% Long-term debt 68.3% 1 While the analytical presentation of external debt by original maturity is the norm recommended in the External Debt Statistics Guide, residual maturity presentation still draws significant attention. In other words, compilation of external debt statistics based on original maturity helps in understanding the nature of capital flows; while the remaining maturity provides a profile of debt service payments, especially those falling due in the near term, and of potential liquidity risks facing the economy. Short-term debt by residual maturity comprises all components of short-term debt with original maturity of up to one year, and the amounts falling due under medium- and longterm debt by original maturity within one year or less.

Central Bank of Egypt External Position 12 B- Breakdown by Type Medium- and long-term external debt accounted for 86.6 percent of total debt, of which: Rescheduled bilateral debt reached about US$ 4.1 billion or 4.9 percent of total debt. Other bilateral * debt amounted to about US$ 7.0 billion or 8.4 percent. Buyers' & Suppliers' credit reached about US$ 7.5 billion or 9.1 percent of total debt. International and regional organizations' debt reached about US$ 26.0 billion or 31.4 percent of total debt. Government bonds and notes reached about US$ 8.9 billion or 10.7 percent of total debt at end of Dec. 2017. These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040, (ii) US$ 1.2 billion of the Global Medium-Term Notes (GMTN) issued in 2015 and falling due in June 2025; and (iii) US$ 6.7 billion of the Global Medium-Term Notes programme issued in 2017 and falling due in 2022, 2027 & 2047. Long-term deposits that have been placed at the CBE by some Arab countries posted US$ 17.9 billion (21.6 percent of total debt). Non-guaranteed medium- and long-term debt of the private sector registered US$ 406.5 million (about 0.5 percent of total debt). Short-term debt decreased by about US$ 1.1 billion to about US$ 11.1 billion or 13.4 percent of total debt. Rescheduled bilateral debt 4.9% Private sector (Non guaranteed) 0.5% International & regional organizations 31.4% Chart (2) External Debt Structure End of Dec. 2017 Long-term deposits 21.6% C- Breakdown by Currency Suppliers' & buyers' credits 9.1% Other bilateral debt 8.4% Egyptian bonds and notes 10.7% Short -term debt 13.4% Measuring the currency composition of Egypt's external debt is an important indicator that sheds light on the external debt exposure, arising from currency markets' volatility. A breakdown of the currency composition of external debt indicates that the US dollar is the main borrowing currency, with a relative importance of 64.9 percent of the total. This upward biased share of US dollar largely reflects the fact that there are other outstanding obligations in US dollar to creditors other than the USA (such as the African Development Bank (AFDB) and the International Bank for Reconstruction and Development (IBRD). Including the Liquidity Support Facility (LSF) from China Development Bank (CDB) to CBE.

Central Bank of Egypt External Position 13 Other important currencies accounted for 33.6 percent of the total debt, as follows: the Euro is the runner-up (13.9 percent), followed by the Special Drawing Rights * (10.7 percent, the Chinese Yuan (3.3 percent), the Kuwaiti dinar (3.0 percent) and the Japanese yen (2.7 percent). Kuwaiti dinar 3.0% Chinese Yuan 3.3% SDRs 10.7% Chart (3) External Debt Structure by Currencies End of Dec. 2017 Euro 13.9% Japanese yen 2.7% Other currencies 1.5% US dollar 64.9% D- Breakdown by Creditor Distribution by creditor country indicates that 27.0 percent was owed to Arab countries (mainly Saudi Arabia, UAE, and Kuwait), and that 31.4 percent was owed to international organizations ** (mainly IBRD 9.3 percent & IMF 8.9 percent, ADF & AFDB 3.2 percent and EIB 2.9 percent). Meanwhile, 22.4 percent of Egypt's external debt with a value of US$ 18.5 billion came from China (6.0 percent) and five members of Paris Club countries; namely Germany (8.5 percent), Japan (2.6 percent), France (2.3 percent), USA (1.8 percent) and UK (1.2 percent). E- Breakdown by Debtor The structure of Egypt s external debt by debtor reveals that: - Central and local government remains the main debtor, with a share of 46.7 percent of external debt at end of Dec. 2017. Its debt increased by US$ 3.8 billion to amount to US$ 38.7 billion. - Banks' external debt increased by about US$ 2.0 billion to US$ 6.1 billion. - Other sectors' debt increased by about US$ 0.9 billion to US$ 10.7 billion. - However, the monetary authority's external debt decreased by about US$ 2.9 billion to US$ 27.4 billion at end of Dec. 2017. 100% 80% 60% 40% 20% 0% Arab countries 27.0% International & regional organizations 31.4% Chart (4) External Debt by Creditor End of Dec. 2017 Egyptian bonds and notes 10.7% France 2.3% Chart (5) External Debt by Debtor End of United Kingdom 1.2% USA 1.8% Japan 2.6% China 6.0% Germany Other 8.5% countries 8.5% Dec.2016 June 2017 Dec.2017 Other Sectors Monetary Authority Banks Central & Local Government Including Egypt s allocation of SDRs by the IMF. International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), European Investment Bank (EIB), African Development Fund (ADF), and African Development Bank (AfDB).

Central Bank of Egypt External Position 14 F- External Debt Indicators* The ratio of short-term external debt to net international reserves decreased to 30.1 percent at end of Dec. 2017 (from 49.2 percent at end of Dec. 2016). In addition, its ratio to total debt registered 13.4 percent (against 17.7 percent). As for the external debt in terms of international comparison, the debt is within manageable limits. Based on IMF classification **, comparing Egypt's key debt indicators with those of other regional country groups shows that: - Egypt's debt stock to GDP represented 36.1 percent at end of Dec. 2017 (61.9 percent for Emerging and Developing Europe and 42.2 percent for Middle East and North Africa). - Egypt's short-term external debt to total external debt at end of Dec. 2017 represented 13.4 percent (20.7 percent for Emerging and Developing Europe, and 28.2 percent for Middle East and North Africa). Debt service reached US$ 8.6 billion during July/Dec. 2017/2018 (US$ 7.5 billion for principal repayments and US$ 1.1 billion for interest payments). 80 60 40 20 0 % during July / Dec. 40 30 20 10 0 % Chart (6) External Debt Indicators End of Dec. 2015 2016 2017 Government External Debt / External Debt External Debt /GDP Short-term Debt / Net International Reserves Short-term Debt / Total External Debt 2014/2015 2015/2016 2016/2017 Debt Service / Current Receipts (including transfers) Debt Service / Exports of Goods and Services - Egypt's debt-service ratio *** registered 37.7 percent during July/Dec. 2017/2018 (51.4 percent for Emerging and Developing Europe, and 30.9 percent for Middle East and North Africa). * For more indicators, refer to appendix I, table No. 6. ** Source: World & Regional Economic Outlook Reports, Oct. 2017, and CBE database. *** Debt-Service Ratio: The ratio of debt service (interest and principal payments due) during a year, expressed as a percentage of exports (typically of goods and services) for that year. This ratio is considered to be a key indicator of a country s debt burden.

Section V Exchange Rate Developments

Central Bank of Egypt External Position 15 Exchange Rate Developments On the 3 rd November 2016, the CBE took the decision of the liberalization of the Egyptian pound exchange rate, to be quoted according to the dynamics of supply and demand. This decision comes in line with the economic reform program. (i) Inter-bank Rate 1 : During July/Dec. 2017/18, the exchange rates of most of foreign currencies depreciated against the Egyptian pound. The weighted average of the US dollar in the Egyptian inter-bank market depreciated by 2.0 percent to record EGP 17.7277 at end of Dec. 2017, (against EGP 18.0911 at end of June 2017). (ii) Market Rate: At end of Dec. 2017, according to the foreign exchange market (buying price), most of the foreign currencies decreased against the Egyptian pound. To illustrate, the Swiss Franc decreased by 3.2 percent, Japanese yen (100) by 2.6 percent, US dollar, UAE dirham, and Saudi riyal by 2.0 percent each, and Kuwaiti dinar by 1.6 percent. On the other hand, the Euro increased by 3.8 percent, Sterling pound by 3.2 percent, and Chinese yuan by 2.5 percent. 1 The inter-bank foreign exchange market was launched in Egypt in December 2004.

Section VI Statistics

Central Bank of Egypt External Position Appendix I Table Page I- Balance of Payments BOP Current Account. 1 19 BOP Capital and Financial Account (contd.). 20 II- International Investment Position (IIP) 2 21 III- Coordinated Portfolio Investment Survey (CPIS) 3 22 IV- External Liquidity NIR & NFA at Banks. 4 23 V- External Debt External Debt by Type... 5 24 External Debt Indicators. External Debt by Debtor. VI- Exchange Rate Developments 6 7 25 26 Foreign Exchange Rates.. 8 27

Central Bank of Egypt - External Position 19 Table (1) Balance of Payments (US$ mn) July /December 2016/2017* 2017/2018* Trade Balance -19016.3-18747.8 Exports** 10446.5 12055.1 Petroleum 2935.3 3811.6 Other Exports 7511.2 8243.5 Imports** -29462.8-30802.9 Petroleum -5336.2-5984.6 Other Imports -24126.6-24818.3 Services Balance 1758.2 5310.0 Receipts 6611.2 10746.4 Transportation 3666.4 4355.0 of which: Suez Canal 2514.6 2768.5 Travel 1584.0 4979.2 Government receipts 123.4 269.7 Other 1237.4 1142.5 Payments 4853.0 5436.4 Transportation 597.3 733.9 Travel 1741.4 1161.2 Government Expenditures 374.8 989.1 Other 2139.5 2552.2 Income Balance -2264.3-3039.6 Income receipts 176.0 412.7 Income payments 2440.3 3452.3 of which: Interest paid 565.3 817.3 Transfers (Net) 10108.1 13087.8 Private Transfers (Net) 10035.2 13019.5 of which: Workers' Remittances 10110.9 13072.5 Official Transfers (Net) 72.9 68.3 Current Account Balance -9414.3-3389.6

Central Bank of Egypt - External Position 20 Table (1) Balance of Payments (contd.) (US$ mn) July /December 2016/2017* 2017/2018* Capital & Financial Account 18717.5 10427.5 Capital Account -39.0-81.3 Financial Account 18756.5 10508.8 Direct Investment Abroad -108.0-131.9 Direct Investment in Egypt (Net) 4287.0 3762.9 Portfolio Investment Abroad (Net) 134.7 24.6 Portfolio Investment in Egypt (Net) 212.9 8019.2 of which: Bonds -805.5-103.1 Other Investment (Net) 14229.9-1166.0 Net Borrowing 7083.4 4546.8 M&L-Term Loans (Net) 3846.6 3058.8 Drawings 5266.8 4166.5 Repayments -1420.2-1107.7 MT-Suppliers' Credit (Net) 1193.9 410.6 Drawings 1248.4 508.7 Repayments -54.5-98.1 ST-Suppliers' Credit (Net) 2042.9 1077.4 Other Assets -2373.3-3272.5 Central Bank -2001.9-26.9 Banks 17.5-625.6 Other -388.9-2620.0 Other Liabilities 9519.8-2440.3 Central Bank 8057.5-3112.9 Banks 1462.3 672.6 Net Errors & Omissions -2284.4-1445.3 Overall Balance 7018.8 5592.6 Change in CBE Reserve Assets,Increase(-) -7018.8-5592.6 * Preliminary. ** Include free zones exports and imports.

Central Bank of Egypt - External Position 21 Table (2) International Investment Position (IIP) (US$ mn) End of June 2017 December 2017* Assets Liabilities Assets Liabilities Total 66359.3 197385.5 73691.1 213349.2 1-Direct investment 7294.1 105929.5 7426.0 109660.1 2-Portfolio investments 1722.7 21407.7 1556.5 29686.1 Equity security 1285.4 2628.8 1073.6 2687.5 Debt security 437.3 18778.9 482.9 26998.6 3-Other investments 26690.1 70048.3 28356.0 74003.0 Trade credits 0.0 3036.0 0.0 2952.2 General government 0.0 0.0 0.0 0.0 Long-term 0.0 0.0 0.0 0.0 Short-term 0.0 0.0 0.0 0.0 Other sectors 0.0 3036.0 0.0 2952.2 Long-term 0.0 0.0 0.0 0.0 Short-term 0.0 3036.0 0.0 2952.2 Loans 491.6 43404.2 386.0 47946.4 Monetary authorities 0.0 7688.0 0.0 5451.5 Use of Fund credit & loans from the Fund 0.0 0.0 0.0 0.0 Other long-term 0.0 2353.7 0.0 2272.5 Short-term 0.0 5334.3 0.0 3179.0 General government 0.0 25890.2 0.0 29828.6 Long-term 0.0 25890.2 0.0 29828.6 Short-term 0.0 0.0 0.0 0.0 Banks 491.6 3123.8 386.0 4942.0 Long-term 147.6 3043.8 111.8 3863.6 Short-term 344.0 80.0 274.2 1078.4 Other sectors 0.0 6702.2 0.0 7724.3 Long-term 0.0 6702.2 0.0 7724.3 Short-term 0.0 0.0 0.0 0.0 Currency and deposits 26198.5 22361.5 27970.0 21824.9 Monetary authorities 0.0 21389.7 0.0 20672.3 Long-term 0.0 18537.4 0.0 17906.1 Short-term 0.0 2852.3 0.0 2766.2 General government 0.0 0.0 0.0 0.0 Long-term 0.0 0.0 0.0 0.0 Short-term 0.0 0.0 0.0 0.0 Banks 17107.5 971.8 18016.0 1152.6 Long-term 0.0 0.0 0.0 0.0 Short-term 0.0 971.8 0.0 1152.6 Other sectors 9091.0 0.0 9954.0 0.0 Long-term 0.0 0.0 0.0 0.0 Short-term 0.0 0.0 0.0 0.0 Other assets / Liabilities 0.0 1246.6 0.0 1279.5 Monetary authorities 0.0 1246.6 0.0 1279.5 Long-term 0.0 1246.6 0.0 1279.5 Short-term 0.0 0.0 0.0 0.0 General government 0.0 0.0 0.0 0.0 Banks 0.0 0.0 0.0 0.0 Other sectors 0.0 0.0 0.0 0.0 4-Reserves assets 30652.4 0.0 36352.6 0.0 * Preliminary.

Central Bank of Egypt - External Position 22 Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of December 2017 Breakdown of portfolio investment Assets by country of residence of the Issuers (US$ mn) Country of non-resident issuers Equities long-term debt securities short-term debt securities Total Bahamas 12.8 0.0 0.0 12.8 Bahrain 11.9 0.0 0.0 11.9 Belgium 0.0 0.0 8.2 8.2 Canada 0.0 9.0 0.0 9.0 China, P.R. Mainland 1.0 0.0 50.7 51.7 Cyprus 3.2 0.0 0.0 3.2 Czech Republic 0.0 0.0 1.4 1.4 Ethiopia 0.0 0.0 0.1 0.1 France 282.9 21.9 1.5 306.3 Germany 62.1 0.0 0.0 62.1 Guernsey 3.1 0.0 0.0 3.1 Holand 1.8 0.0 0.2 2.0 Hong Kong 0.0 0.0 3.5 3.5 Indonesia 0.0 0.0 10.2 10.2 Italy 25.5 0.0 0.4 25.9 Japan 9.3 0.0 0.0 9.3 Jordan 2.4 0.0 0.0 2.4 Kuwait 0.0 14.9 0.1 15.0 Lebanon 5.6 0.0 7.5 13.1 Luxembourg 0.7 0.0 0.0 0.7 Malaysia 16.0 8.6 0.0 24.6 Malta 0.0 0.0 4.5 4.5 Nigeria 12.0 0.0 0.0 12.0 Saudi Arabia 318.1 51.1 29.3 398.5 Singapore 8.6 0.0 0.0 8.6 Spain 0.0 0.0 1.5 1.5 Syrian Arab Republic 1.3 0.0 0.0 1.3 Sudan 1.7 0.0 0.0 1.7 Sweden 0.0 3.1 0.0 3.1 Switzerland 5.8 0.0 0.0 5.8 Tunisia 1.6 0.0 0.9 2.5 Turkey 0.0 0.0 3.4 3.4 United Arab Emirates 9.8 45.7 0.6 56.1 United Kingdom 3.5 46.0 5.6 55.1 United States 37.4 145.1 0.0 182.5 International Organizations 235.5 7.9 0.0 243.4 Total 1073.6 353.3 129.6 1556.5

Table (4) Net International Reserves & Net Foreign Assets at Banks (US$ mn) End of June 2015 Dec. 2015 June 2016 Dec. 2016 June 2017 Dec. 2017 Net International Reserves (1-2) 20082 16445 17546 24265 31305 37020 1- Gross Official Reserves 20104 16468 17570 24287 31307 37021 Gold 2420 2211 2602 2346 2602 2673 SDRs 1168 1161 793 753 770 749 Foreign Currencies 16453 13041 14128 21150 27904 33575 Loans to IMF 63 55 47 38 31 24 2- Reserve Liabilities 22 23 24 22 2 1 Banks' Net Foreign Assets 3481-462 -4844-6364 3171 3202 Central Bank of Egypt - External Position Assets 11450 9868 9286 9228 18746 19449 Liabilities 7969 10330 14130 15592 15575 16247 23

End of December 2013 2014 2015 2016 2017 + Total External Debt* 45752.2 41324.1 47792.3 67322.6 82884.5 1- Medium & Long term debt : 42935.9 38003.3 43368.1 55377.3 71756.1 Rescheduled bilateral debt ** 9021.0 7123.1 5611.0 4330.2 4059.4 ODA 5756.1 4991.1 4460.8 4088.3 3837.0 Non-ODA 3264.9 2132.0 1150.2 241.9 222.4 Other bilateral debt 6084.3 5670.1 5277.8 5973.1 6956.7 Paris Club countries 3655.8 3253.9 2625.7 3423.9 4105.1 Other countries 2428.5 2416.2 2652.1 2549.2 ++ 2851.6 ++ International & regional organizations 12125.6 12117.3 12908.7 19481.1 26036.9 Suppliers' & buyers' credits 577.1 486.5 1137.5 4548.9 7509.0 Egyptian bonds and notes 6115.6 3584.9 3510.6 2687.4 8881.5 Long- term deposits 9000.0 9000.0 14900.0 18200.0 17906.1 Private sector debt (non-guaranteed) 12.3 21.4 22.5 156.6 406.5 2- Short-term debt 2816.3 3320.8 4424.2 11945.3 11128.4 Deposits 1400.8 1112.9 1286.8 4420.4 3918.8 Other short-term facilities 1415.5 2207.9 3137.4 7524.9 7209.6 Source: Central Bank of Egypt. + Provisional ++ Liquidity Support Facility (LSF) has been moved to Other bilateral debt (other countries) instead of suppliers' & buyers' credit. * The difference from World Bank data is in short-term debt. ** According to the agreement signed with Paris Club countries on May 25, 1991. Table (5) External Debt by Type (US$ mn) Central Bank of Egypt - External Position 24

Table (6) External Debt Indicators July / December 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 + External Debt /GDP* (at current market prices) % 15.0 12.4 14.2 28.7 36.1 External Debt / Exports (G&S) (annually) % 102.3 87.6 127.2 200.2 191.3 Short-term Debt / External Debt % 6.2 8.1 9.3 17.7 13.4 Short-term Debt / Net International Reserves % 16.5 21.7 26.9 49.2 30.1 Debt Service / Exports (G&S) % 7.7 16.7 17.3 21.9 37.7 Debt Service / Current Receipts % 4.5 11.2 11.8 13.6 23.7 Interest / Exports (G&S) % 1.7 1.5 2.4 3.3 4.8 External Debt per Capita (US$) 503.0 441.5 491.2 691.9 790.8 + Provisional * The GDP for the year ended in each quarter is calculated according to the quarterly data provided by the Ministry of planning, Monitoring and Adminstrative Reform. It is evaluated in US dollar according to the average exchange rate during the same period. Central Bank of Egypt - External Position 25

Central Bank of Egypt - External Position 26 Table (7) External Debt by Debtor (US$ mn) End of June 2017 % December 2017 * % Change +/ (-) % External Debt 79032.8 100.0 82884.5 100.0 3851.7 4.9 Total Medium- & Long-Term 66758.4 84.5 71756.1 86.6 4997.7 7.5 Total Short-Term 12274.4 15.5 11128.4 13.4 (1146.0) (9.3) Central & Local Government 34874.7 44.1 38710.1 46.7 3835.4 11.0 Medium- & Long-Term 34874.7 44.1 38710.1 46.7 3835.4 11.0 Bonds & Notes 8984.5 11.4 8881.5 10.7 (103.0) (1.1) Loans 25890.2 32.7 29828.6 36.0 3938.4 15.2 Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Short-Term 0.0 0.0 0.0 0.0 0.0 0.0 Money Market Instruments 0.0 0.0 0.0 0.0 0.0 0.0 Loans 0.0 0.0 0.0 0.0 0.0 0.0 Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Monetary Authority 30324.3 38.5 27403.3 33.0 (2921.0) (9.6) Medium- & Long-Term 22137.7 28.1 21458.1 25.9 (679.6) (3.1) Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0 Loans 2353.7 3.0 2272.5 2.7 (81.2) (3.4) Currency and Deposits 18537.4 23.5 17906.1 21.6 (631.3) (3.4) Other Liabilities 1246.6 1.6 1279.5 1.6 32.9 2.6 Short-Term 8186.6 10.4 5945.2 7.1 (2241.4) (27.4) Money Market Instruments 0.0 0.0 0.0 0.0 0.0 0.0 Loans 5334.3 6.8 3179.0 3.8 (2155.3) (40.4) Currency and Deposits 2852.3 3.6 2766.2 3.3 (86.1) 0.0 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Banks 4095.6 5.1 6094.6 7.4 1999.0 48.8 Medium- & Long-Term Loans 3043.8 3.8 3863.6 4.7 819.8 26.9 Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0 Loans 3043.8 3.8 3863.6 4.7 819.8 26.9 Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Short-Term Loans 1051.8 1.3 2231.0 2.7 1179.2 112.1 Money Market Instruments 0.0 0.0 0.0 0.0 0.0 0.0 Loans 80.0 0.1 1078.4 1.3 998.4 1248.0 Currency and Deposits 971.8 1.2 1152.6 1.4 180.8 18.6 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Other Sectors 9738.2 12.3 10676.5 12.9 938.3 9.6 Medium- & Long-Term 6702.2 8.5 7724.3 9.3 1022.1 15.3 Loans from Direct Investors 0.0 0.0 0.0 0.0 0.0 0.0 Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0 Trade Credits 0.0 0.0 0.0 0.0 0.0 0.0 Loans 6702.2 8.5 7724.3 9.3 1022.1 15.3 Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Short-Term 3036.0 3.8 2952.2 3.6 (83.8) (2.8) Loans from Direct Investors 0.0 0.0 0.0 0.0 0.0 0.0 Money Market Instruments 0.0 0.0 0.0 0.0 0.0 0.0 Trade Credits 3036.0 3.8 2952.2 3.6 (83.8) (2.8) Loans 0.0 0.0 0.0 0.0 0.0 0.0 Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 * Provisional.

Table (8) Foreign Exchange Rates (In LE per foreign currency unit) End of June 2017 December 2017 First: Interbank Rates * Weighted average 18.0911 17.7277 Second : Market Rates Buy Sell Buy Sell US Dollar 18.0400 18.1397 17.6808 17.7808 Euro 20.4411 20.5559 21.2099 21.3370 Pound Sterling 23.1417 23.2805 23.8903 24.0344 Swiss Franc 18.7487 18.8602 18.1454 18.2499 100 Japanese Yens 16.1000 16.1904 15.6884 15.7813 Saudi Riyal 4.8099 4.8366 4.7145 4.7414 Kuwaiti Dinar 59.4889 59.8374 58.5264 58.8964 UAE Dirham 4.9107 4.9392 4.8137 4.8415 Chinese Yuan 2.6521 2.6680 2.7172 2.7329 Source: CBE daily exchange rates. * The interbank rates were launched on December 23, 2004. Central Bank of Egypt - External Position 27

Central Bank of Egypt External Position I- Outstanding External Debt Appendix II Table Outstanding Stock.. 1 31 Outstanding Stock by Creditor Country.. 2 33 - Medium- and Long-Term Public & Publicly Guaranteed External Debt By Creditor: a. Paris Club Debt 3 35 (1) Rescheduled Debt 4 36 (2) Non-Rescheduled Debt... 5 37 b. Suppliers' Credit... 6 39 c. Non- Paris Club Debt... 7 40 d. Multilateral Institutions 8 41 e. Bonds & Notes... 9 43 f. Deposits. 10 44 - Medium- and Long-Term Private Sector Non-Guaranteed External Debt by Creditor Country.... 11 45 - Short-Term External Debt... 12 46 II- Outstanding External Debt By Currency. 13 47 III- Disbursed and Undisbursed Amounts for Signed Loans & Deposits 14 48 IV- Projected Medium- and Long-Term External Debt Service 1- External Debt Service Public and Publicly Guaranteed. 15 49 a- Paris Club Debt...... 16 51 (1) Rescheduled Debt.... 17 53 (2) Non-Rescheduled Debt.. 18 54 b- Suppliers' Credit... 19 55 c- Non- Paris Club Debt... 20 56 d- Multilateral Institutions... 21 57 2- Sovereign Notes... 22 59 3- Global Medium Term Notes (GMTN)........ 23 60 4- Global Medium Term Notes Programme..... 24 61 5- Global Medium Term Notes Programme...... 25 62 6- Global Medium Term Notes Programme...... 26 63 7- Global Medium Term Notes Programme..... 27 64 8- Global Medium Term Notes Programme...... 28 65 9- Global Medium Term Notes Programme...... 29 66 10- Medium- and Long-Term Deposits for Kuwait..... 30 67 11- Medium- and Long-Term Deposits for Libya.... 31 68 12- Medium- and Long-Term Deposits for Saudi Arabia. 32 69 13- Medium- and Long-Term Deposits for United Arab Emirates... 33 70 V- Projected Short-Term Debt 34 71 VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 35 72 Page

Central Bank of Egypt - External Position 31 1- Medium-and Long-Term Public (US$ million) Total Debt 2014 2015 2016 2017 & Publicly Guaranteed Debt 37,981.92 43,345.64 55,220.72 71,349.56 (1) A. Paris Club Debt 10,855.43 9,368.50 10,534.29 13,874.36 1-Rescheduled Debt 7,123.12 5,611.09 4,330.19 4,059.34 2-Non Rescheduled Debt 3,732.31 3,757.41 6,204.10 9,815.02 B- Supplier's Credit 8.13 5.71 5.51 5.51 C. Non-Paris Club Debt 2,416.14 2,652.12 4,312.36 4,645.20 D. Multilateral Institutions 12,117.34 12,908.68 19,481.13 26,036.92 (2) E. Bonds &Notes 3,584.88 3,510.63 2,687.43 8,881.48 1-Guaranteed Notes 1,250.00 0.00 0.00 0.00 2-Sovereign Notes 834.88 785.83 950.43 972.79 3- Saudi Bond 500.00 500.00 500.00 0.00 4- Euro-Medium Term Notes ( E.M.T.N.) 1,000.00 1,000.00 0.00 0.00 5-Global Medium Term Notes ( G.M.T.N.) 0.00 1,224.80 1,237.00 1,177.40 (3) 6- Global Medium Term Notes Programme 0.00 0.00 0.00 6,731.29 (4) F. Deposits 9,000.00 14,900.00 18,200.00 17,906.09 (5) 2- Medium and Long-Term Private Sector Non-Guaranteed 21.36 22.50 156.62 406.50 3- Short-Term Debt 3,320.83 4,424.19 11,945.25 11,128.44 Currency and Deposits (Non-Residents) 1,112.92 2,486.84 4,420.38 3,918.84 (6) Trade Credits 2,207.91 1,286.47 1,824.33 2,952.21 Loans 0.00 650.88 5,700.54 4,257.39 (7) Grand Total 41,324.11 47,792.33 67,322.59 82,884.50 Using end of period exchange rate. (1) Includes US$ 7,503.44 million buyer credits and US$ 1,000 million representing China facility agreement. (2) Includes US$ 6,121.33 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million, Third Tranch amounted SDR 1,432.76 million) and US$ 1,279.51 million representing SDR allocation by IMF to its member countries, Egypt s share is SDR 898.45 million. (3) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1,177.40 million ). (4) Representing Global Medium Term Notes Programme with nominal value US$ 7,000 million (non-residents' subscriptions amounted US$ 6,713.29 million). (5) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 7500, 500,5906.09 and 4000 million respectively. (6) Includes US$ 2766.25 million representing Chinese Currency Swap Arrangement. (7) Includes Repo Transaction amounted US$ 3,100 million Figure 1-1 Table ( 1 ) Outstanding Stock as at End of December External Debt Outstanding Stock as at End of December ( US$bn ) 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2014 2015 2016 2017

Figure 1-2 Supplier's Credit 0.01% Non-Paris Club Debt 5.60% Outstanding Stock as at End of December 2017 Short-Term Debt 13.43% Private Sector Non- Guaranteed 0.49% Paris Club Debt 16.74% Central Bank of Egypt - External Position Deposits 21.60% Multilateral Institutions 31.41% Bonds & Notes 10.72% 32

Central Bank of Egypt - External Position 33 Creditor Countries Table ( 2 ) Outstanding Stock as at End of December Total Debt (US$ million) (1) 2014 2015 2016 2017 Germany 3,091.58 2,806.91 4,580.29 6,808.07 Japan 2,323.71 2,164.87 2,154.81 2,153.05 China 330.32 321.82 1,923.18 2,100.26 France 1,905.69 1,346.46 1,080.34 1,726.41 United States 2,140.58 1,881.76 1,610.88 1,340.01 Kuwait 939.69 909.54 927.00 989.37 Italy 206.70 367.16 401.04 936.86 United Arab emirates 40.32 517.55 648.69 681.50 Saudi Arabia 105.81 103.21 132.02 581.78 United Kingdom 79.68 49.29 186.45 265.04 Bahrain 0.00 0.00 243.82 264.06 Spain 370.34 268.47 192.68 251.56 Denmark 172.84 133.03 103.10 102.58 Belgium 26.61 15.65 47.22 99.07 Austria 156.49 91.74 59.31 75.25 The Netherlands 73.41 63.37 55.94 58.76 Canada 94.33 60.85 38.79 38.44 Qatar 0.00 0.00 37.65 28.24 Switzerland 156.26 92.66 24.82 20.82 Finland 0.00 0.00 2.87 2.93 Norway 3.06 2.13 1.18 0.95 Sweden 10.68 5.23 0.08 0.07 Australia 51.60 24.63 0.00 0.00 Turkey 1,000.00 800.00 400.00 0.00 Multilateral Institutions (2) 12,117.34 12,908.68 19,481.13 26,036.92 Deposits, Bonds and Notes Deposits 9,000.00 14,900.00 18,200.00 17,906.09 Saudi Arabia 3,000.00 4,900.00 6,700.00 7,500.00 United Arab Emirates 2,000.00 4,000.00 6,000.00 5,906.09 Kuwait 2,000.00 4,000.00 4,000.00 4,000.00 Libya 2,000.00 2,000.00 1,500.00 500.00 Guaranteed Notes 1,250.00 0.00 0.00 0.00 Sovereign Notes 834.88 785.83 950.43 972.79 Saudi Bond 500.00 500.00 500.00 0.00 Euro-Medium Term Notes ( E.M.T.N.) 1000.00 1000.00 0.00 0.00 Global Medium Term Notes ( G.M.T.N.) 0.00 1,224.80 1,237.00 1,177.40 Global Medium Term Notes Programme 0.00 0.00 0.00 6,731.29 Medium and Long-Term Private Sector Non-Guaranteed 21.36 22.50 156.62 406.50 Short-Term Debt 3,320.83 4,424.19 11,945.25 11,128.44 African Export - Import Bank 0.00 0.00 3,200.00 0.00 Currency Swap Agreement (China) 0.00 0.00 2,588.10 2,766.25 REPO Transactions 0.00 0.00 2,000.00 3,100.00 Arab Trade Financing Program 0.00 0.00 59.49 79.00 Others 3,320.83 4,424.19 4,097.66 5,183.19 Grand Total 41,324.11 47,792.33 67,322.59 82,884.50 (1) Using end of period exchange rate. (2) Includes US$ 6,121.33 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million, Third Tranch amounted SDR 1,432.76 million) and US$ 1,279.51 million representing SDR allocation by IMF to its member countries, Egypt s share is SDR 898.45 million.

Figure 2 Bonds &Notes 10.72% Japan 2.60% Germany 8.21% Outstanding Stock as at End of December 2017 China 2.53% Deposits 21.60% France 2.08% Others 7.42% Multilateral Institutions 31.41% Short-Term Debt 13.43% Central Bank of Egypt - External Position 34

Central Bank of Egypt - External Position 35 Table ( 3 ) (1) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Paris Club Debt Outstanding Stock as at End of December (US$ million) (2) Country 2014 2015 2016 2017 Germany 3,091.58 2,806.91 4,580.30 6,808.07 Japan 2,322.36 2,164.87 2,154.80 2,153.05 France 1,905.69 1,346.45 1,080.34 1,726.41 United States 2,140.58 1,881.76 1,610.88 1,340.01 Italy 206.62 367.12 401.04 936.86 United Kingdom 79.68 49.29 186.45 265.04 Spain 370.34 268.47 192.68 251.56 Denmark 172.84 133.03 103.10 102.58 Belgium 26.61 15.65 47.22 99.07 Austria 156.49 91.74 59.30 75.25 The Netherlands 73.41 63.37 55.94 58.76 Canada 87.63 55.18 33.28 32.93 Switzerland 156.26 92.67 24.82 20.82 Finland 0.00 0.00 2.87 2.93 Norway 3.06 2.13 1.19 0.95 Sweden 10.68 5.23 0.08 0.07 Australia 51.60 24.63 0.00 0.00 Grand Total 10,855.43 9,368.50 10,534.29 13,874.36 (1) This table sums up tables 4 and 5. (2) Using end of period exchange rate. Figure 3 Total Debt Medium and Long-Term Public & Publicly Guaranteed External Debt Paris Club Debt Outstanding Stock as at End of December 15.0 ( US$bn ) 10.0 5.0 0.0 2014 2015 2016 2017

Central Bank of Egypt - External Position 36 Table ( 4 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Paris Club Debt Rescheduled Debt Outstanding Stock as at End of December Country Total Debt (US$ million) (1) 2014 2015 2016 2017 Germany 1,608.01 1,388.90 1,276.96 1,336.45 Japan 1,515.67 1,334.16 1,197.31 1,120.64 United States 1,772.85 1,543.71 1,302.50 1,061.30 France 1,142.70 652.53 233.96 233.48 The Netherlands 73.41 63.37 55.94 58.76 Spain 228.66 148.83 64.12 58.09 Denmark 82.93 64.80 52.16 54.60 Italy 143.51 95.02 44.08 39.23 Canada 87.63 55.18 33.28 32.93 Austria 154.26 87.84 32.42 31.02 United Kingdom 79.66 49.28 16.45 15.04 Switzerland 144.63 81.87 14.73 12.40 Belgium 23.90 13.63 5.01 4.38 Norway 3.06 2.13 1.19 0.95 Sweden 10.64 5.21 0.08 0.07 Australia 51.60 24.63 0.00 0.00 Grand Total 7,123.12 5,611.09 4,330.19 4,059.34 (1) Using end of period exchange rate. Figure 4 Medium and Long-Term Public & Publicly Guaranteed External Debt Paris Club Debt Rescheduled Debt Outstanding Stock as at End of December 8.0 ( US$bn ) 6.0 4.0 2.0 0.0 2014 2015 2016 2017

Central Bank of Egypt - External Position 37 Table ( 5 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Paris Club Debt Non-Rescheduled Debt Outstanding Stock as at End of December Country Total Debt (US$ million) (1) 2014 2015 2016 2017 Germany 1,483.57 1,418.01 3,303.34 5,471.62 France 762.99 693.92 846.38 1,492.93 Japan 806.69 830.71 957.49 1,032.41 Italy 63.11 272.10 356.96 897.63 United States 367.73 338.05 308.38 278.71 United Kingdom 0.02 0.01 170.00 250.00 Spain 141.68 119.64 128.56 193.47 Belgium 2.71 2.02 42.21 94.69 Denmark 89.91 68.23 50.94 47.98 Austria 2.23 3.90 26.88 44.23 Switzerland 11.63 10.80 10.09 8.42 Finland 0.00 0.00 2.87 2.93 Sweden 0.04 0.02 0.00 0.00 Grand Total 3,732.31 3,757.41 6,204.10 9,815.02 (1) Using end of period exchange rate. Figure 5-1 Medium and Long-Term Public & Publicly Guaranteed External Debt Paris Club Debt Non-Rescheduled Debt Outstanding Stock as at End of December ( US$bn ) 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2014 2015 2016 2017

Figure 5-2 Non Rescheduled Debt 70.74% Medium and Long-Term Public and Publicly Guaranteed External Debt Paris Club Debt Outstanding Stock as at End of December 2017 Rescheduled Debt 29.26% Central Bank of Egypt - External Position 38

Central Bank of Egypt - External Position 39 Table ( 6 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Supplier's Credit Outstanding Stock as at End of December (US$ million) (1) Total Debt Country 2014 2015 2016 2017 Canada 6.70 5.67 5.51 5.51 Italy 0.08 0.04 0.00 0.00 Japan 1.35 0.00 0.00 0.00 Grand Total 8.13 5.71 5.51 5.51 (1) Using end of period exchange rate. Figure 6 9.0 Medium and Long-Term Public &Publicly Guaranteed External Debt Supplier's Credit Outstanding Stock as at End of December 8.0 7.0 6.0 ( US$mn ) 5.0 4.0 3.0 2.0 1.0 0.0 2014 2015 2016 2017

Central Bank of Egypt - External Position 40 Table ( 7 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Non-Paris Club Debt Outstanding Stock as at End of December Country Total Debt (US$ million) (1) 2014 2015 2016 2017 China 330.32 321.82 1,923.18 2,100.26 {(2) Kuwait 939.69 909.54 927.00 989.37 United Arab Emirates 40.32 517.55 648.69 681.50 Saudi Arabia 105.81 103.21 132.02 581.78 Bahrain 0.00 0.00 243.82 264.06 Qatar 0.00 0.00 37.65 28.24 Turkey 1,000.00 800.00 400.00 0.00 Grand Total 2,416.14 2,652.12 4,312.36 4,645.20 (1) Using end of period exchange rate. (2) Includes US$ 1000 million representing China facility agreement. Figure 7 5.0 4.0 Medium and Long-Term Public & Publicly Guaranteed External Debt Non-Paris Club Debt Outstanding Stock as at End of December ( US$bn ) 3.0 2.0 1.0 0.0 2014 2015 2016 2017

Central Bank of Egypt - External Position 41 Table ( 8 ) Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of December Creditor Total Debt (US$ million) (1) 2014 2015 2016 2017 IBRD 3,865.02 4,672.12 6,310.50 7,709.80 IMF (2) 1,301.69 1,245.01 3,856.21 7,400.84 African Development Bank 1,582.80 1,557.08 2,032.78 2,490.23 European Investment Bank 1,811.57 1,625.97 2,164.83 2,431.40 Arab Fund for Economic and Social Development 1,528.23 1,483.10 1,441.62 1,508.64 African Export - Import Bank 0.00 0.00 565.88 1,203.01 Arab Monetary Fund 177.38 539.64 933.72 784.96 IDA 1,058.24 936.01 814.01 735.77 Islamic Development Bank 219.81 320.21 397.92 567.48 OPEC 193.74 208.62 223.55 282.57 European Bank For Reconstruction and Development 0.00 0.00 113.34 221.94 International Islamic Trade Finance Corporation 0.00 0.00 200.00 200.00 African Development Fund 185.94 171.81 164.18 166.84 International Fund for Agricultural Development 98.89 97.25 107.44 122.58 Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 100.00 100.00 Clean Technology Fund 7.05 34.29 55.15 55.86 Green Fund 0.00 0.00 0.00 30.00 Islamic Corporation for Development 0.00 0.00 0.00 25.00 Arab Trade Financing Program 86.98 17.57 0.00 0.00 Grand Total 12,117.34 12,908.68 19,481.13 26,036.92 (1) Using end of period exchange rate. (2) Includes SDR allocations by IMF to its member countries; Egypt s share is SDR 898.45 MN. Figure 8-1 Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of December 30.0 25.0 ( US$bn ) 20.0 15.0 10.0 5.0 0.0 2014 2015 2016 2017

Figure 8-2 IBRD 29.61% Islamic Development Bank 2.18% African Development Bank 9.56% African Export - Import Bank 4.62% Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of December Others 4.64% AMF 3.01% IMF 28.42% I.D.A 2.83% European Investment Bank 9.34% Arab Fund for Economic and Social Development 5.79% Central Bank of Egypt - External Position 42

Central Bank of Egypt - External Position 43 Table ( 9) Bonds & Notes Outstanding Stock as at End of December Total Debt (US$ million) 2014 2015 2016 2017 Global Medium Term Notes Programme 0.00 0.00 0.00 6,731.29 Global Medium Term Notes ( G.M.T.N.) 0.00 1,224.80 1,237.00 1,177.40 Sovereign Notes 834.88 785.83 950.43 972.79 Saudi Bond 500.00 500.00 500.00 0.00 Euro-Medium Term Notes ( E.M.T.N.) 1,000.00 1,000.00 0.00 0.00 Guaranteed Notes 1,250.00 0.00 0.00 0.00 Grand Total 3,584.88 3,510.63 2,687.43 8,881.48 Figure 9 Bonds & Notes Outstanding Stock as at End of December ( US$bn ) 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2014 2015 2016 2017

Central Bank of Egypt - External Position 44 Table ( 10 ) Medium and Long-Term Deposits Outstanding Stock as at End of December Country Total Debt (US$ million) 2014 2015 2016 2017 Saudi Arabia 3,000.00 4,900.00 6,700.00 7,500.00 United Arab Emirates 2,000.00 4,000.00 6,000.00 5,906.09 Kuwait 2,000.00 4,000.00 4,000.00 4,000.00 Libya 2,000.00 2,000.00 1,500.00 500.00 Grand Total 9,000.00 14,900.00 18,200.00 17,906.09 Figure 10 Medium and Long-Term Deposits Outstanding Stock as at End of December 20 ( US$bn ) 15 10 5 0 2014 2015 2016 2017

Central Bank of Egypt - External Position 45 Table ( 11 ) Medium and Long-Term Private Sector Non-Guaranteed External Debt By Creditor Country Outstanding Stock as at End of December Country Total Debt (US$ million) (1) 2014 2015 2016 2017 Multilateral Institutions 21.36 22.50 104.96 284.58 Kuwait 0.00 0.00 0.00 55.00 Germany 0.00 0.00 16.66 32.22 France 0.00 0.00 0.00 19.70 Bahrain 0.00 0.00 15.00 15.00 Luxembourg 0.00 0.00 20.00 0.00 Grand Total 21.36 22.50 156.62 406.50 (1) Using end of period exchange rate. Figure 11 Medium and Long-Term Private Sector Non-Guaranteed External Debt Outstanding Stock as at End of December ( US$mn ) 450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 2014 2015 2016 2017

Central Bank of Egypt - External Position 46 Table ( 12 ) Short-Term Debt Outstanding Stock as at End of December (US$ million) (1) Total Debt 2014 2015 2016 2017 Short-Term Debt Loans 0.00 650.88 5,700.54 4,257.39 Currency and Deposits (Non-Residents) 1,112.92 2,486.84 4,420.38 3,918.84 (2) (3) Trade Credits 2,207.91 1,286.47 1,824.33 2,952.21 Grand Total 3,320.83 4,424.19 11,945.25 11,128.44 (1) Using end of period exchange rate. (2) Includes Repo Transaction amounted US$ 3,100 million. (3) Includes US$ 2,766.25 million representing Chinese Currency Swap Arrangement. Figure 12 Short-Term Debt Outstanding Stock as at End of December 14 12 ( US$bn ) 10 8 6 4 2 0 2014 2015 2016 2017

Central Bank of Egypt - External Position 47 Table ( 13 ) Outstanding Stock as at End of December (US$ million) (*) Currency Total Debt 2014 2015 2016 2017 US Dollar 25,714.17 33,292.77 46,231.90 53,770.98 EURO 7,027.91 6,136.38 7,694.46 11,521.90 Special Drawing Rights 2,365.41 2,573.43 5,489.24 8,842.80 Chinese Yuan 0.00 0.00 2,588.10 2,766.25 Kuwaiti Dinar 2,467.92 2,392.64 2,368.62 2,498.01 Japanese Yen 2,463.36 2,286.62 2,252.99 2,243.73 Saudi Riyal 152.15 105.20 134.16 583.47 Egyptian Pound 485.42 524.90 239.39 347.57 Swiss Franc 305.22 237.59 170.54 158.24 Danish Kroner 75.85 63.01 54.08 54.94 Canadian Dollar 77.09 50.88 36.94 36.67 U.A.E. Dirham 40.47 38.14 31.07 33.66 British Pound Sterling 99.41 66.25 28.82 24.21 Norwegian Kroner 2.84 2.18 1.99 1.98 Swedish Kroner 10.00 5.33 0.29 0.09 Australian Dollar 36.89 17.01 0.00 0.00 Total 41,324.11 47,792.33 67,322.59 82,884.50 (*) Using end of period exchange rate.

Central Bank of Egypt - External Position 48 Table ( 14 ) Medium and Long-Term Disbursed and Undisbursed Amounts for Signed Loans and Deposit from 1/1/2015 to 31/12/2017 Signed Amount Disbursed Undisbursed 1- Medium and Long-Term Public & Publicly Guaranteed Debt 40,975.52 33,276.58 7,635.58 A. Paris Club (Non-Rescheduled Debt) 8,104.99 5,635.27 2,469.72 B. Non-Paris Club Debt 5,559.86 3,261.77 2,298.09 C. Multilateral Institutions 16,310.67 13,379.54 2,867.77 D. Deposits 11,000.00 11,000.00 0.00 2- Medium and Long-Term Private 867.58 447.58 420.00 Sector Non-Guaranteed Debt Grand Total 41,843.10 33,724.16 8,055.58 (1) Using end of period exchange rate. Figure 12 Medium and Long-Term Disbursed and Undisbursed Amounts for Signed Loans and Deposits from 1/1/2015 to 31/12/2017 (US$ million) (1) ( US$mn ) 18,000.0 16,000.0 14,000.0 12,000.0 10,000.0 8,000.0 6,000.0 4,000.0 2,000.0 0.0 Paris Club (Non- Rescheduled Debt) Non-Paris Club Debt Multilateral Institutions Deposits Signed Amount Disbursed Undisbursed Private Sector Non- Guaranteed Debt

Central Bank of Egypt - External Position 49 Period Principal Interest Total Period Principal Interest Total 2018/H1 4255.61 894.00 5,149.62 2036/H2 160.34 142.41 302.75 2018/H2 6125.81 1043.39 7,169.20 2037/H1 147.63 140.90 288.53 2019/H1 4201.72 925.44 5,127.16 2037/H2 143.57 139.48 283.04 2019/H2 5542.29 830.89 6,373.18 2038/H1 121.06 138.15 259.21 2020/H1 4652.73 769.99 5,422.72 2038/H2 91.92 137.04 228.96 2020/H2 1842.23 705.99 2,548.22 2039/H1 78.19 136.25 214.43 2021/H1 2813.36 674.58 3,487.94 2039/H2 77.00 135.54 212.53 2021/H2 2807.38 641.95 3,449.32 2040/H1 456.81 134.91 591.72 2022/H1 4189.62 600.45 4,790.07 2040/H2 74.93 121.11 196.04 2022/H2 2760.75 499.99 3,260.74 2041/H1 69.40 120.39 189.80 2023/H1 1847.03 469.20 2,316.23 2041/H2 67.74 119.78 187.52 2023/H2 2891.39 452.77 3,344.16 2042/H1 56.59 119.15 175.74 2024/H1 1788.51 410.15 2,198.66 2042/H2 54.81 118.63 173.45 2024/H2 1666.72 394.85 2,061.56 2043/H1 54.57 118.09 172.66 2025/H1 2793.16 375.39 3,168.55 2043/H2 53.40 117.59 170.99 2025/H2 1585.22 328.93 1,914.14 2044/H1 50.50 117.08 167.58 2026/H1 1593.09 330.59 1,923.68 2044/H2 50.29 116.58 166.87 2026/H2 1570.93 301.56 1,872.48 2045/H1 50.00 116.02 166.02 2027/H1 3031.07 286.45 3,317.52 2045/H2 49.93 115.55 165.48 2027/H2 1106.03 206.87 1,312.90 2046/H1 49.12 115.00 164.12 2028/H1 756.50 196.97 953.47 2046/H2 46.81 114.55 161.35 2028/H2 714.66 191.24 905.90 2047/H1 2545.60 114.55 2,660.15 2029/H1 600.66 184.02 784.68 2047/H2 44.18 7.31 51.49 2029/H2 571.03 179.02 750.04 2048/H1 38.10 6.81 44.91 2030/H1 408.96 173.84 582.80 2048/H2 37.60 6.43 44.03 2030/H2 353.20 170.41 523.61 2049/H1 35.40 5.96 41.36 2031/H1 306.27 167.48 473.75 2049/H2 35.40 5.62 41.02 2031/H2 302.38 164.64 467.03 2050/H1 35.20 5.15 40.35 2032/H1 296.37 162.16 458.54 2050/H2 32.93 4.84 37.77 2032/H2 286.50 159.38 445.88 2051/H1 17.27 4.39 21.66 2033/H1 258.49 156.84 415.33 2051/H2 15.27 4.25 19.52 2033/H2 248.66 154.41 403.07 2052/H1 0.57 0.01 0.58 2034/H1 240.91 152.22 393.13 2052/H2 0.57 0.01 0.57 2034/H2 221.75 149.94 371.69 2053/H1 0.57 0.01 0.57 2035/H1 215.60 147.97 363.56 2053/H2 0.57 0.00 0.57 2035/H2 212.42 145.89 358.32 2054/H1 0.57 0.00 0.57 2036/H1 166.71 143.99 310.70 Grand Total 70,070.05 (2) 16,743.36 (3) 86,813.41 (1) The exchange rate of December 31, 2017. Table ( 15 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of January 1, 2018 (2) Excludes US$ 1279.51 million representing SDR allocation by IMF to its member countries, Egypt s share is SDR 898.45 MN. (3) Includes US$ 273.38 million representing forecast interest of SDR allocation. (US$ million) (1)

Figure 15 US$ mn 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of January 1, 2018 Principal Interest Total Central Bank of Egypt - External Position 50

Central Bank of Egypt - External Position 51 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2018/H1 463.04 123.15 586.20 2036/H2 32.52 1.37 33.90 2018/H2 551.70 127.58 679.27 2037/H1 30.08 1.25 31.34 2019/H1 636.61 111.44 748.05 2037/H2 28.41 1.15 29.55 2019/H2 790.55 112.58 903.13 2038/H1 26.29 1.05 27.34 2020/H1 701.78 95.82 797.61 2038/H2 23.82 0.95 24.77 2020/H2 894.86 95.28 990.15 2039/H1 20.26 0.87 21.13 2021/H1 684.06 79.08 763.13 2039/H2 19.78 0.80 20.58 2021/H2 741.43 77.93 819.36 2040/H1 19.08 0.73 19.81 2022/H1 510.63 63.07 573.71 2040/H2 18.65 0.66 19.31 2022/H2 532.71 63.35 596.06 2041/H1 17.34 0.59 17.93 2023/H1 515.85 53.79 569.64 2041/H2 16.82 0.53 17.35 2023/H2 539.83 53.39 593.22 2042/H1 14.71 0.47 15.17 2024/H1 515.10 44.71 559.81 2042/H2 12.93 0.42 13.34 2024/H2 527.73 43.72 571.45 2043/H1 12.67 0.37 13.04 2025/H1 506.52 35.60 542.12 2043/H2 11.98 0.33 12.31 2025/H2 530.10 34.09 564.19 2044/H1 9.57 0.28 9.85 2026/H1 518.08 26.63 544.71 2044/H2 9.36 0.25 9.61 2026/H2 537.44 24.41 561.85 2045/H1 9.07 0.21 9.28 2027/H1 347.13 17.73 364.85 2045/H2 9.00 0.18 9.18 2027/H2 368.19 16.91 385.10 2046/H1 8.19 0.15 8.34 2028/H1 334.61 12.80 347.41 2046/H2 5.88 0.12 6.00 2028/H2 349.46 11.42 360.88 2047/H1 4.66 0.10 4.76 2029/H1 274.74 8.08 282.83 2047/H2 4.44 0.08 4.52 2029/H2 259.70 6.68 266.38 2048/H1 4.11 0.07 4.17 2030/H1 124.13 4.65 128.78 2048/H2 3.94 0.05 3.99 2030/H2 101.16 4.27 105.43 2049/H1 1.75 0.04 1.79 2031/H1 76.99 3.74 80.73 2049/H2 1.75 0.03 1.78 2031/H2 74.76 3.49 78.24 2050/H1 1.53 0.03 1.56 2032/H1 73.85 3.24 77.09 2050/H2 1.53 0.02 1.55 2032/H2 70.95 2.99 73.94 2051/H1 0.57 0.02 0.58 2033/H1 58.66 2.76 61.42 2051/H2 0.57 0.01 0.58 2033/H2 56.72 2.53 59.25 2052/H1 0.57 0.01 0.58 2034/H1 51.84 2.30 54.14 2052/H2 0.57 0.01 0.57 2034/H2 44.71 2.09 46.79 2053/H1 0.57 0.01 0.57 2035/H1 43.93 1.89 45.82 2053/H2 0.57 0.00 0.57 2035/H2 42.71 1.71 44.42 2054/H1 0.57 0.00 0.57 2036/H1 38.06 1.52 39.58 Grand Total 13,874.36 1,389.60 15,263.96 (1) The exchange rate of December 31, 2017. Table ( 16 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service Paris Club Debt as of January 1, 2018

Figure 16 US$ mn 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of January 1, 2018 Paris Club Debt 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 Principal Interest Total Central Bank of Egypt - External Position 52

Central Bank of Egypt - External Position 53 Table ( 17 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of January 1, 2018 Paris Club Debt Rescheduled Debt (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2018/H1 296.40 50.07 346.48 2022/H2 157.51 17.37 174.88 2018/H2 300.07 45.91 345.98 2023/H1 159.94 15.65 175.59 2019/H1 301.96 42.52 344.49 2023/H2 162.41 13.67 176.08 2019/H2 305.72 38.38 344.10 2024/H1 164.70 11.87 176.57 2020/H1 307.71 34.88 342.59 2024/H2 162.41 9.88 172.28 2020/H2 311.56 30.81 342.37 2025/H1 164.81 7.97 172.78 2021/H1 313.85 27.05 340.90 2025/H2 167.44 5.93 173.37 2021/H2 288.80 22.93 311.73 2026/H1 169.92 3.95 173.88 2022/H1 155.11 19.32 174.43 2026/H2 169.02 1.88 170.90 Grand Total 4,059.34 400.05 4,459.38 (1) The exchange rate of December 31, 2017.

Central Bank of Egypt - External Position 54 Period Principal Interest Total Period Principal Interest Total 2018/H1 166.64 73.08 239.72 2036/H2 32.52 1.37 33.90 2018/H2 251.63 81.66 333.29 2037/H1 30.08 1.25 31.34 2019/H1 334.64 68.92 403.56 2037/H2 28.41 1.15 29.55 2019/H2 484.83 74.20 559.03 2038/H1 26.29 1.05 27.34 2020/H1 394.07 60.95 455.02 2038/H2 23.82 0.95 24.77 2020/H2 583.31 64.48 647.78 2039/H1 20.26 0.87 21.13 2021/H1 370.21 52.02 422.23 2039/H2 19.78 0.80 20.58 2021/H2 452.63 55.00 507.63 2040/H1 19.08 0.73 19.81 2022/H1 355.52 43.76 399.28 2040/H2 18.65 0.66 19.31 2022/H2 375.20 45.98 421.18 2041/H1 17.34 0.59 17.93 2023/H1 355.92 38.14 394.05 2041/H2 16.82 0.53 17.35 2023/H2 377.43 39.72 417.14 2042/H1 14.71 0.47 15.17 2024/H1 350.39 32.84 383.24 2042/H2 12.93 0.42 13.34 2024/H2 365.33 33.84 399.17 2043/H1 12.67 0.37 13.04 2025/H1 341.71 27.64 369.34 2043/H2 11.98 0.33 12.31 2025/H2 362.66 28.16 390.82 2044/H1 9.57 0.28 9.85 2026/H1 348.16 22.67 370.83 2044/H2 9.36 0.25 9.61 2026/H2 368.41 22.53 390.94 2045/H1 9.07 0.21 9.28 2027/H1 347.13 17.73 364.85 2045/H2 9.00 0.18 9.18 2027/H2 368.19 16.91 385.10 2046/H1 8.19 0.15 8.34 2028/H1 334.61 12.80 347.41 2046/H2 5.88 0.12 6.00 2028/H2 349.46 11.42 360.88 2047/H1 4.66 0.10 4.76 2029/H1 274.74 8.08 282.83 2047/H2 4.44 0.08 4.52 2029/H2 259.70 6.68 266.38 2048/H1 4.11 0.07 4.17 2030/H1 124.13 4.65 128.78 2048/H2 3.94 0.05 3.99 2030/H2 101.16 4.27 105.43 2049/H1 1.75 0.04 1.79 2031/H1 76.99 3.74 80.73 2049/H2 1.75 0.03 1.78 2031/H2 74.76 3.49 78.24 2050/H1 1.53 0.03 1.56 2032/H1 73.85 3.24 77.09 2050/H2 1.53 0.02 1.55 2032/H2 70.95 2.99 73.94 2051/H1 0.57 0.02 0.58 2033/H1 58.66 2.76 61.42 2051/H2 0.57 0.01 0.58 2033/H2 56.72 2.53 59.25 2052/H1 0.57 0.01 0.58 2034/H1 51.84 2.30 54.14 2052/H2 0.57 0.01 0.57 2034/H2 44.71 2.09 46.79 2053/H1 0.57 0.01 0.57 2035/H1 43.93 1.89 45.82 2053/H2 0.57 0.00 0.57 2035/H2 42.71 1.71 44.42 2054/H1 0.57 0.00 0.57 2036/H1 38.06 1.52 39.58 Grand Total 9,815.02 989.55 10,804.58 (1) The exchange rate of December 31, 2017. Table ( 18 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of January 1, 2018 Paris Club Debt Non-Rescheduled Debt (US$ million) (1)

Central Bank of Egypt - External Position 55 Table ( 19 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service Supplier's Credit as of January 1, 2018 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2018/H1 0.14 0.00 0.14 2029/H1 0.14 0.00 0.14 2018/H2 0.14 0.00 0.14 2029/H2 0.14 0.00 0.14 2019/H1 0.14 0.00 0.14 2030/H1 0.14 0.00 0.14 2019/H2 0.14 0.00 0.14 2030/H2 0.14 0.00 0.14 2020/H1 0.14 0.00 0.14 2031/H1 0.14 0.00 0.14 2020/H2 0.14 0.00 0.14 2031/H2 0.14 0.00 0.14 2021/H1 0.14 0.00 0.14 2032/H1 0.14 0.00 0.14 2021/H2 0.14 0.00 0.14 2032/H2 0.14 0.00 0.14 2022/H1 0.14 0.00 0.14 2033/H1 0.14 0.00 0.14 2022/H2 0.14 0.00 0.14 2033/H2 0.14 0.00 0.14 2023/H1 0.14 0.00 0.14 2034/H1 0.14 0.00 0.14 2023/H2 0.14 0.00 0.14 2034/H2 0.14 0.00 0.14 2024/H1 0.14 0.00 0.14 2035/H1 0.14 0.00 0.14 2024/H2 0.14 0.00 0.14 2035/H2 0.14 0.00 0.14 2025/H1 0.14 0.00 0.14 2036/H1 0.14 0.00 0.14 2025/H2 0.14 0.00 0.14 2036/H2 0.14 0.00 0.14 2026/H1 0.14 0.00 0.14 2037/H1 0.14 0.00 0.14 2026/H2 0.14 0.00 0.14 2037/H2 0.04 0.00 0.04 2027/H1 0.14 0.00 0.14 2038/H1 0.04 0.00 0.04 2027/H2 0.14 0.00 0.14 2038/H2 0.04 0.00 0.04 2028/H1 0.14 0.00 0.14 2039/H1 0.04 0.00 0.04 2028/H2 0.14 0.00 0.14 Grand Total 5.51 0.00 5.51 (1) The exchange rate of December 31, 2017.

Central Bank of Egypt - External Position 56 Table ( 20 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of January 1, 2018 Non-Paris Club Debt (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2018/H1 487.94 91.42 579.36 2028/H2 36.23 2.27 38.50 2018/H2 340.58 86.31 426.89 2029/H1 29.07 1.80 30.87 2019/H1 266.27 80.17 346.44 2029/H2 25.53 1.42 26.95 2019/H2 264.54 73.13 337.67 2030/H1 17.80 1.09 18.88 2020/H1 282.23 67.08 349.31 2030/H2 10.21 0.84 11.05 2020/H2 365.50 60.14 425.64 2031/H1 8.28 0.72 9.00 2021/H1 296.22 51.20 347.42 2031/H2 8.38 0.62 9.00 2021/H2 256.00 44.31 300.31 2032/H1 8.38 0.52 8.90 2022/H1 274.79 38.87 313.66 2032/H2 6.89 0.42 7.31 2022/H2 255.51 32.72 288.23 2033/H1 4.54 0.34 4.88 2023/H1 270.00 27.24 297.24 2033/H2 3.81 0.30 4.11 2023/H2 312.77 21.39 334.17 2034/H1 3.81 0.26 4.07 2024/H1 240.51 14.14 254.66 2034/H2 3.81 0.22 4.03 2024/H2 120.62 9.50 130.12 2035/H1 3.81 0.18 3.99 2025/H1 113.47 7.60 121.07 2035/H2 3.81 0.15 3.95 2025/H2 63.45 6.23 69.69 2036/H1 2.15 0.11 2.26 2026/H1 63.15 5.21 68.36 2036/H2 2.15 0.09 2.24 2026/H2 45.59 4.56 50.14 2037/H1 2.15 0.07 2.22 2027/H1 58.81 3.96 62.77 2037/H2 2.15 0.04 2.20 2027/H2 42.69 3.37 46.06 2038/H1 2.15 0.02 2.17 2028/H1 39.48 2.81 42.29 Grand Total 4,645.20 742.84 5,388.03 (1) The exchange rate of December 31, 2017.

Central Bank of Egypt - External Position 57 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2018/H1 1372.50 254.42 1626.92 2035/H1 167.73 26.54 194.26 2018/H2 1133.39 247.64 1381.03 2035/H2 165.77 24.69 190.46 2019/H1 865.71 225.53 1091.24 2036/H1 126.37 23.01 149.38 2019/H2 1387.07 212.37 1599.43 2036/H2 125.53 21.60 147.12 2020/H1 641.91 197.14 839.06 2037/H1 115.26 20.23 135.49 2020/H2 581.73 188.10 769.83 2037/H2 112.97 18.93 131.90 2021/H1 832.95 181.94 1014.88 2038/H1 92.59 17.73 110.31 2021/H2 809.82 171.83 981.64 2038/H2 68.07 16.74 84.81 2022/H1 1086.19 165.73 1251.92 2039/H1 57.88 16.03 73.91 2022/H2 1066.31 154.39 1220.70 2039/H2 57.22 15.39 72.61 2023/H1 1061.04 144.60 1205.64 2040/H1 56.64 14.83 71.47 2023/H2 1038.65 134.70 1173.34 2040/H2 56.27 14.20 70.47 2024/H1 1032.76 125.61 1158.37 2041/H1 52.06 13.56 65.62 2024/H2 1018.23 115.94 1134.17 2041/H2 50.93 13.00 63.93 2025/H1 995.64 106.49 1102.13 2042/H1 41.89 12.43 54.32 2025/H2 991.53 97.50 1089.02 2042/H2 41.89 11.97 53.86 2026/H1 1011.73 107.65 1119.38 2043/H1 41.89 11.47 53.36 2026/H2 987.77 81.48 1069.25 2043/H2 41.42 11.02 52.44 2027/H1 711.58 73.66 785.23 2044/H1 40.93 10.55 51.49 2027/H2 695.01 67.25 762.26 2044/H2 40.93 10.08 51.01 2028/H1 382.28 62.01 444.29 2045/H1 40.93 9.56 50.49 2028/H2 328.83 58.19 387.02 2045/H2 40.93 9.12 50.05 2029/H1 296.70 54.80 351.49 2046/H1 40.93 8.61 49.54 2029/H2 285.65 51.56 337.21 2046/H2 40.93 8.18 49.11 2030/H1 266.90 48.75 315.65 2047/H1 40.93 7.65 48.58 2030/H2 241.68 45.95 287.63 2047/H2 39.74 7.23 46.97 2031/H1 220.86 43.66 264.53 2048/H1 33.98 6.75 40.73 2031/H2 219.11 41.19 260.30 2048/H2 33.65 6.38 40.03 2032/H1 214.01 39.06 253.06 2049/H1 33.65 5.92 39.57 2032/H2 208.53 36.61 245.14 2049/H2 33.65 5.59 39.24 2033/H1 195.16 34.39 229.54 2050/H1 33.65 5.13 38.78 2033/H2 188.00 32.23 220.23 2050/H2 31.40 4.80 36.20 2034/H1 185.13 30.30 215.43 2051/H1 16.70 4.36 21.06 2034/H2 173.10 28.28 201.38 2051/H2 14.70 4.23 18.93 Grand Total 24,757.41 (2) 4,078.40 (3) 28,835.81 (1) The exchange rate of December 31, 2017. Table ( 21 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of January 1, 2018 Multilateral Institutions (2) Excludes US$ 1,279.51 million representing SDR allocations by IMF to its member countries; Egypt s share is SDR 898.45 MN. (3) Includes US$ 273.38 million representing forecast interest of SDR allocation.

Figure 21 US$ mn 3500 3000 2500 2000 1500 1000 500 0 Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Institutions as of January 1, 2018 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 Principal Interest Total Central Bank of Egypt - External Position 58

Central Bank of Egypt - External Position 59 Table ( 22 ) Projected Sovereign Notes (*) Debt Service as of January 1, 2018 Period Principal Interest Total Period Principal Interest Total 2018/H1 0.00 30.18 30.18 2029/H2 0.00 13.10 13.10 2018/H2 0.00 30.11 30.11 2030/H1 0.00 13.10 13.10 2019/H1 0.00 30.11 30.11 2030/H2 0.00 13.10 13.10 2019/H2 0.00 30.11 30.11 2031/H1 0.00 13.10 13.10 2020/H1 591.67 30.11 621.78 2031/H2 0.00 13.10 13.10 2020/H2 0.00 13.10 13.10 2032/H1 0.00 13.10 13.10 2021/H1 0.00 13.10 13.10 2032/H2 0.00 13.10 13.10 2021/H2 0.00 13.10 13.10 2033/H1 0.00 13.10 13.10 2022/H1 0.00 13.10 13.10 2033/H2 0.00 13.10 13.10 2022/H2 0.00 13.10 13.10 2034/H1 0.00 13.10 13.10 2023/H1 0.00 13.10 13.10 2034/H2 0.00 13.10 13.10 2023/H2 0.00 13.10 13.10 2035/H1 0.00 13.10 13.10 2024/H1 0.00 13.10 13.10 2035/H2 0.00 13.10 13.10 2024/H2 0.00 13.10 13.10 2036/H1 0.00 13.10 13.10 2025/H1 0.00 13.10 13.10 2036/H2 0.00 13.10 13.10 2025/H2 0.00 13.10 13.10 2037/H1 0.00 13.10 13.10 2026/H1 0.00 13.10 13.10 2037/H2 0.00 13.10 13.10 2026/H2 0.00 13.10 13.10 2038/H1 0.00 13.10 13.10 2027/H1 0.00 13.10 13.10 2038/H2 0.00 13.10 13.10 2027/H2 0.00 13.10 13.10 2039/H1 0.00 13.10 13.10 2028/H1 0.00 13.10 13.10 2039/H2 0.00 13.10 13.10 2028/H2 0.00 13.10 13.10 2040/H1 381.12 13.10 394.22 2029/H1 0.00 13.10 13.10 Grand Total 972.79 674.67 1,647.46 (*) Consists of Two Notes The Sovereign Note Nominal Value Amounted US$ 1000 MM, Interest Rate is Fixed 5.75 % issued on 29/4/2010 and due on 29/4/2020. The Sovereign Note Nominal Value Amounted US$ 500 MM, Interest Rate is Fixed 6.875 % issued on 30/4/2010 and due on 30/4/2040. (US$ million)

Central Bank of Egypt - External Position 60 Table ( 23 ) Projected Global Medium Term Notes (G.M.T.N.) (*) Debt Service as of January 1, 2018 Period Principal Interest Total (US$ million) 2018/H1 0.00 34.62 34.62 2018/H2 0.00 34.59 34.59 2019/H1 0.00 34.59 34.59 2019/H2 0.00 34.59 34.59 2020/H1 0.00 34.59 34.59 2020/H2 0.00 34.59 34.59 2021/H1 0.00 34.59 34.59 2021/H2 0.00 34.59 34.59 2022/H1 0.00 34.59 34.59 2022/H2 0.00 34.59 34.59 2023/H1 0.00 34.59 34.59 2023/H2 0.00 34.59 34.59 2024/H1 0.00 34.59 34.59 2024/H2 0.00 34.59 34.59 2025/H1 1,177.40 34.59 1,211.99 Grand Total 1,177.40 518.82 1,696.22 (*)The Projected Global Medium Term Notes (G.M.T.N.) Nominal Value Amounted US$ 1500 MM,The Applicable Interest Rate is Fixed : 5.875 %, issued on 11/6/2015 and due on 11/6/2025.

Central Bank of Egypt - External Position 61 Table ( 24 ) Projected Global Medium Term Notes Programme (*) Debt Service as of January 1, 2018 Period Principal Interest Total (US$ million) 2018/H1 0.00 49.23 49.23 2018/H2 0.00 48.02 48.02 2019/H1 0.00 48.02 48.02 2019/H2 0.00 48.02 48.02 2020/H1 0.00 48.02 48.02 2020/H2 0.00 48.02 48.02 2021/H1 0.00 48.02 48.02 2021/H2 0.00 48.02 48.02 2022/H1 1,567.87 48.02 1,615.88 Grand Total 1,567.87 433.36 2,001.23 (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1750 MM,The Applicable Interest Rate is Fixed : 6.125 %, issued on 31/1/2017 and due on 31/1/2022.

Central Bank of Egypt - External Position 62 Table ( 25 ) Projected Global Medium Term Notes Programme (*) Debt Service as of January 1, 2018 Period Principal Interest Total (US$ million) 2018/H1 0.00 34.67 34.67 2018/H2 0.00 34.25 34.25 2019/H1 0.00 34.25 34.25 2019/H2 0.00 34.25 34.25 2020/H1 0.00 34.25 34.25 2020/H2 0.00 34.25 34.25 2021/H1 0.00 34.25 34.25 2021/H2 0.00 34.25 34.25 2022/H1 0.00 34.25 34.25 2022/H2 0.00 34.25 34.25 2023/H1 0.00 34.25 34.25 2023/H2 0.00 34.25 34.25 2024/H1 0.00 34.25 34.25 2024/H2 0.00 34.25 34.25 2025/H1 0.00 34.25 34.25 2025/H2 0.00 34.25 34.25 2026/H1 0.00 34.25 34.25 2026/H2 0.00 34.25 34.25 2027/H1 913.42 34.25 947.67 Grand Total 913.42 651.22 1,564.64 (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1000 MM,The Applicable Interest Rate is Fixed : 7.500 %, issued on 31/1/2017 and due on 31/1/2027.

Central Bank of Egypt - External Position 63 Table ( 26 ) Projected Global Medium Term Notes Programme (*) Debt Service as of January 1, 2018 (US$ million) Period Principal Interest Total 2018/H1 0.00 53.13 53.13 2018/H2 0.00 53.13 53.13 2019/H1 0.00 53.13 53.13 2019/H2 0.00 53.13 53.13 2020/H1 0.00 53.13 53.13 2020/H2 0.00 53.13 53.13 2021/H1 0.00 53.13 53.13 2021/H2 0.00 53.13 53.13 2022/H1 0.00 53.13 53.13 2022/H2 0.00 53.13 53.13 2023/H1 0.00 53.13 53.13 2023/H2 0.00 53.13 53.13 2024/H1 0.00 53.13 53.13 2024/H2 0.00 53.13 53.13 2025/H1 0.00 53.13 53.13 2025/H2 0.00 53.13 53.13 2026/H1 0.00 53.13 53.13 2026/H2 0.00 53.13 53.13 2027/H1 0.00 53.13 53.13 2027/H2 0.00 53.13 53.13 2028/H1 0.00 53.13 53.13 2028/H2 0.00 53.13 53.13 2029/H1 0.00 53.13 53.13 2029/H2 0.00 53.13 53.13 2030/H1 0.00 53.13 53.13 2030/H2 0.00 53.13 53.13 2031/H1 0.00 53.13 53.13 2031/H2 0.00 53.13 53.13 2032/H1 0.00 53.13 53.13 2032/H2 0.00 53.13 53.13 2033/H1 0.00 53.13 53.13 2033/H2 0.00 53.13 53.13 2034/H1 0.00 53.13 53.13 2034/H2 0.00 53.13 53.13 2035/H1 0.00 53.13 53.13 2035/H2 0.00 53.13 53.13 2036/H1 0.00 53.13 53.13 2036/H2 0.00 53.13 53.13 2037/H1 0.00 53.13 53.13 2037/H2 0.00 53.13 53.13 2038/H1 0.00 53.13 53.13 2038/H2 0.00 53.13 53.13 2039/H1 0.00 53.13 53.13 2039/H2 0.00 53.13 53.13 2040/H1 0.00 53.13 53.13 2040/H2 0.00 53.13 53.13 2041/H1 0.00 53.13 53.13 2041/H2 0.00 53.13 53.13 2042/H1 0.00 53.13 53.13 2042/H2 0.00 53.13 53.13 2043/H1 0.00 53.13 53.13 2043/H2 0.00 53.13 53.13 2044/H1 0.00 53.13 53.13 2044/H2 0.00 53.13 53.13 2045/H1 0.00 53.13 53.13 2045/H2 0.00 53.13 53.13 2046/H1 0.00 53.13 53.13 2046/H2 0.00 53.13 53.13 2047/H1 1,250.00 53.13 1,303.13 Grand Total 1,250.00 3,134.67 4,384.67 (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1250 MM,The Applicable Interest Rate is Fixed : 8.500 %, issued on 31/1/2017 and due on 31/1/2047.

Central Bank of Egypt - External Position 64 Table ( 27 ) Projected Global Medium Term Notes Programme (*) Debt Service as of January 1, 2018 Period Principal Interest Total (US$ million) 2018/H1 0.00 22.97 22.97 2018/H2 0.00 22.97 22.97 2019/H1 0.00 22.97 22.97 2019/H2 0.00 22.97 22.97 2020/H1 0.00 22.97 22.97 2020/H2 0.00 22.97 22.97 2021/H1 0.00 22.97 22.97 2021/H2 0.00 22.97 22.97 2022/H1 750.00 22.97 772.97 Grand Total 750.00 206.73 956.73 (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 750 MM,The Applicable Interest Rate is Fixed : 6.125 %, issued on 31/5/2017 and due on 31/1/2022.

Central Bank of Egypt - External Position 65 Table ( 28 ) Projected Global Medium Term Notes Programme (*) Debt Service as of January 1, 2018 Period Principal Interest Total (US$ million) 2018/H1 0.00 37.50 37.50 2018/H2 0.00 37.50 37.50 2019/H1 0.00 37.50 37.50 2019/H2 0.00 37.50 37.50 2020/H1 0.00 37.50 37.50 2020/H2 0.00 37.50 37.50 2021/H1 0.00 37.50 37.50 2021/H2 0.00 37.50 37.50 2022/H1 0.00 37.50 37.50 2022/H2 0.00 37.50 37.50 2023/H1 0.00 37.50 37.50 2023/H2 0.00 37.50 37.50 2024/H1 0.00 37.50 37.50 2024/H2 0.00 37.50 37.50 2025/H1 0.00 37.50 37.50 2025/H2 0.00 37.50 37.50 2026/H1 0.00 37.50 37.50 2026/H2 0.00 37.50 37.50 2027/H1 1,000.00 37.50 1,037.50 Grand Total 1,000.00 712.50 1,712.50 (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1000 MM,The Applicable Interest Rate is Fixed : 7.500 %, issued on 31/5/2017 and due on 31/1/2027.

Central Bank of Egypt - External Position 66 Table ( 29 ) Projected Global Medium Term Notes Programme (*) Debt Service as of January 1, 2018 Period Principal Interest Total 2018/H1 0.00 53.13 53.13 2018/H2 0.00 53.13 53.13 2019/H1 0.00 53.13 53.13 2019/H2 0.00 53.13 53.13 2020/H1 0.00 53.13 53.13 2020/H2 0.00 53.13 53.13 2021/H1 0.00 53.13 53.13 2021/H2 0.00 53.13 53.13 2022/H1 0.00 53.13 53.13 2022/H2 0.00 53.13 53.13 2023/H1 0.00 53.13 53.13 2023/H2 0.00 53.13 53.13 2024/H1 0.00 53.13 53.13 2024/H2 0.00 53.13 53.13 2025/H1 0.00 53.13 53.13 2025/H2 0.00 53.13 53.13 2026/H1 0.00 53.13 53.13 2026/H2 0.00 53.13 53.13 2027/H1 0.00 53.13 53.13 2027/H2 0.00 53.13 53.13 2028/H1 0.00 53.13 53.13 2028/H2 0.00 53.13 53.13 2029/H1 0.00 53.13 53.13 2029/H2 0.00 53.13 53.13 2030/H1 0.00 53.13 53.13 2030/H2 0.00 53.13 53.13 2031/H1 0.00 53.13 53.13 2031/H2 0.00 53.13 53.13 2032/H1 0.00 53.13 53.13 2032/H2 0.00 53.13 53.13 2033/H1 0.00 53.13 53.13 2033/H2 0.00 53.13 53.13 2034/H1 0.00 53.13 53.13 2034/H2 0.00 53.13 53.13 2035/H1 0.00 53.13 53.13 2035/H2 0.00 53.13 53.13 2036/H1 0.00 53.13 53.13 2036/H2 0.00 53.13 53.13 2037/H1 0.00 53.13 53.13 2037/H2 0.00 53.13 53.13 2038/H1 0.00 53.13 53.13 2038/H2 0.00 53.13 53.13 2039/H1 0.00 53.13 53.13 2039/H2 0.00 53.13 53.13 2040/H1 0.00 53.13 53.13 2040/H2 0.00 53.13 53.13 2041/H1 0.00 53.13 53.13 2041/H2 0.00 53.13 53.13 2042/H1 0.00 53.13 53.13 2042/H2 0.00 53.13 53.13 2043/H1 0.00 53.13 53.13 2043/H2 0.00 53.13 53.13 2044/H1 0.00 53.13 53.13 2044/H2 0.00 53.13 53.13 2045/H1 0.00 53.13 53.13 2045/H2 0.00 53.13 53.13 2046/H1 0.00 53.13 53.13 2046/H2 0.00 53.13 53.13 2047/H1 1,250.00 53.13 1,303.13 Grand Total 1,250.00 3,134.67 4,384.67 (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1250 MM,The Applicable Interest Rate is Fixed : 8.500 %, issued on 31/5/2017 and due on 31/1/2047. (US$ million)

Central Bank of Egypt - External Position 67 Table ( 30 ) Projected Medium and Long-Term Deposits for Kuwait as of January 1, 2018 (US$ million) Period Principal Interest Total 2018/H1 666.00 25.00 691.00 2018/H2 2,000.00 52.58 2,052.58 2019/H1 667.00 16.86 683.86 2019/H2 0.00 8.48 8.48 2020/H1 667.00 8.48 675.48 Grand Total 4,000.00 (*) Consists of Two Deposits : (*) 111.39 4,111.39 The First Deposit Amounted US$ 2000 MM, Interest Rate is Libor 12 months deposited on 24/9/2013 and due on 24/9/2018 Paid on annual basis. The Second Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 2.50 % deposited on 21/4/2015 and due on 21/4/2018, 21/4/2019 and 21/4/2020 (Three installments) Interest Paid on Semi-annual basis.

Central Bank of Egypt - External Position 68 Table ( 31 ) Projected Medium Term Deposits for Libya as of January 1, 2018 Period Principal Interest Total (US$ million) 2018/H1 500.00 0.00 500.00 Grand Total 500.00 (*) 0.00 500.00 (*) Amounted US$ 2000 MM, no Interest Rate, deposited on 12/4/2013 and due from 11/7/2016 up to 11/4/2018 Quarterly (Each quarter amount: US$ 250 MM).

Central Bank of Egypt - External Position 69 Table ( 32 ) Projected Medium and Long-Term Deposits for Saudi Arabia as of January 1, 2018 Period Principal Interest Total 2018/H1 766.00 28.44 794.44 2018/H2 2,100.00 157.26 2,257.26 2019/H1 766.00 86.71 852.71 2019/H2 3,100.00 32.33 3,132.33 2020/H1 768.00 9.15 777.15 (US$ million) Grand Total 7,500.00 (*) 313.89 7,813.89 (*) Consists of Five Deposits : The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 500 MM), Interest Rate is Libor 3 months deposited on 9/5/2012 and due from 9/11/2015 up to 9/5/2020 (Equal 10 semiannual installments, USD 100 MM). The Second Deposit Amounted US$ 2000 MM, no Interest Rate deposited on 19/7/2013 and due on 19/7/2018. The Third Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019 and 22/4/2020 (Three installments) Interest Paid on Semi-annual basis. The Fourth Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 4.50 % deposited on 23/9/2016 and due on 1/7/2019 Interest Paid on Quarterly-annual basis. The Fifth Deposit Amounted US$ 1000 MM, Interest Rate is Fixed 4.50 % deposited on 16/5/2017 and due on 1/7/2019 Interest Paid on Quarterly-annual basis.

Central Bank of Egypt - External Position 70 Table ( 33 ) Projected Medium and Long-Term Deposits for United Arab Emirates as of January 1, 2018 (US$ million) Period Principal Interest Total 2018/H1 0.00 56.16 56.16 2018/H2 0.00 58.34 58.34 2019/H1 1,000.00 91.04 1,091.04 2019/H2 0.00 78.32 78.32 2020/H1 1,000.00 78.63 1,078.63 2020/H2 0.00 65.79 65.79 2021/H1 1,000.00 65.69 1,065.69 2021/H2 1,000.00 51.20 1,051.20 2022/H1 0.00 36.11 36.11 2022/H2 906.09 23.84 929.93 2023/H1 0.00 17.89 17.89 2023/H2 1,000.00 17.60 1,017.60 Grand Total 5,906.09 (*) 640.60 6,546.69 (*) Consists of Four Deposits : The First Deposit Amounted US$ 1000 MM, Interest Rate is Fixed 3.00 % deposited on 17/7/2013 and due on 15/7/2021, Interest Paid on Semi-annual basis The Second Deposit Amounted US$ 1000 MM, Interest Rate is Fixed 3.50 % deposited on 17/7/2013 and due on 17/7/2023, Interest Paid on Semi-annual basis The Third Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 3.00 % for US$ 666.67 million deposited on 22/4/2015 and due on 20/4/2021, and Interest Rate is Fixed 2.50 % for US$ 1333.33 MM deposited on 22/4/2015 and due on 22/4/2019 and 22/4/2020 (Two installments) Interest Paid on Semi-annual basis. The Fourth Deposit Amounted US$ 1000 MM, Interest Rate is Fixed 2.50 % deposited on 31/5/2016 and due on 30/5/2019, 30/5/2020 and 30/5/2021 (Three installments) Interest Paid on Semi-annual basis. The Fifth Deposit Amounted US$ 1000 MM (Outstanding is US$ 906.09 MM), Interest Rate is Fixed 4.00 % deposited on 31/8/2016 and due on 31/8/2022 Interest Paid on monthly basis.

Central Bank of Egypt - External Position 71 Table ( 34 ) Projected Short-Term Debt Debt Service as of January 1, 2018 (US$ million) (1) Period Principal Interest Total January-2018 1,490.36 1.07 1,491.43 February-2018 770.97 43.96 814.92 March-2018 1,384.92 5.50 1,390.42 April-2018 658.43 4.12 662.55 May-2018 376.74 40.46 417.20 June-2018 205.03 2.32 207.35 July-2018 16.85 0.07 16.92 August-2018 25.54 39.82 65.36 September-2018 204.48 1.38 205.86 October-2018 34.83 0.11 34.94 November-2018 3,134.60 39.74 3,174.34 December-2018 2,825.71 0.00 2,825.71 Grand Total 11,128.44 178.53 11,306.97 (1) The exchange rate of December 31, 2017.

Central Bank of Egypt - External Position 72 Table ( 35 ) Exchange Rates of the Currencies of External Debt Versus US Dollar as at End of December Country Currency 2014 2015 2016 2017 United States USD 1.00 1.00 1.00 1.00 Switzerland CHF 0.99 0.99 1.02 0.97 Denmark DKK 6.13 6.85 7.11 6.21 Egypt EGP 7.13 7.72 18.12 17.66 Sweden SEK 7.73 8.43 9.14 8.20 Japan JPY 119.36 120.42 116.58 112.70 India INR 63.33 66.33 67.95 63.93 United Kingdom GBP 0.64 0.68 0.82 0.74 Canada CAD 1.16 1.39 1.35 1.26 Australia AUD 1.22 1.37 1.39 1.28 Norway NOK 7.43 8.82 8.70 8.21 Euro EUR 0.82 0.92 0.96 0.83 Special Drawing Rights SDR 0.69 0.72 0.74 0.70 Kuwait KWD 0.29 0.30 0.31 0.30 United Arab Emirates AED 3.67 3.67 3.67 3.67 Saudi Arabia SAR 3.75 3.75 3.75 3.75 Chinese Yuan CNY 6.21 6.50 6.96 6.51

Central Bank of Egypt External Position Appendix III Box Page I- Egypt's Subscription to SDDS and Data Quality Dimensions 1 75 II- Egypt's Data Quality Dimensions... 2 76 III- Doing Business in Egypt 3 77 IV- Tourism Sector Performance...... 4 78 - Glossary. 79

Central Bank of Egypt External Position 75 Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions: In 1996, the International Monetary Fund (IMF) introduced the Special Data Dissemination Standard (SDDS). The SDDS is intended to guide countries that have, or seek to have, access to international capital markets in their provision of economic and financial statistics. Subscription to SDDS is voluntary and it requires subscribers to observe the standard and provide information on data and dissemination practices (the metadata) to the IMF for redissemination. The standard identifies 4 dimensions of data dissemination: coverage, periodicity, and timeliness; access by the public; the integrity of the disseminated data; and the quality of the data themselves. In particular, the data dimension lists 18 data categories, providing coverage for 4 sectors (real, financial, fiscal and external) of the economy and prescribes minimum timeliness and frequency standards, summarized in the table below. On January 31, 2005, Egypt became the 59 th subscriber to the International Monetary Fund's Special Data Dissemination Standard (SDDS). The report of the External Position contains external sector data that cover external debt, balance of payments, international reserves, merchandise trade, international investment position (IIP) and exchange rates. Such data are published in compliance with the requirement under the Special Data Dissemination Standard (SDDS) of the IMF. The Central Bank of Egypt compiles these statistics and disseminates them through press releases, its website, and at the same time, on the IMF's Dissemination Standards Bulletin Board (DSBB). Also, these data are included in the CBE's main publications; quarterly Economic Review, Annual Report and Monthly Statistical Bulletin. As the title indicates, the most comprehensive and complete databases are those available from national sources, supplying high quality, timely and accurate data to international financial community to support investment activity. SDDS Data Categories and Related Periodicity & Timeliness Standards SDDS Data Category Periodicity Minimum Timeliness Real Sector National accounts Quarterly 1 Quarter Production indices Monthly 6 weeks Employment, unemployment, wage/earnings Quarterly 1 Quarter Consumer price index Monthly 1 Month Fiscal Sector General Government operations Annual 2 quarters Central Government operations Monthly 1 Month Central Government debt Quarterly 1 Quarter Financial Sector Analytical accounts of the banking sector Monthly 1 Month Analytical accounts of the Central Bank Monthly 2 weeks Interest rates and stock market Daily * No timeliness standard set External Sector Balance of payments Quarterly 1 Quarter International reserves Monthly 1 week Merchandise trade Monthly 8 weeks International Investment Position (IIP) Quarterly 1 quarter External debt Quarterly 1 Quarter Exchange rates Daily *No timeliness standard set Source: IMF's Statistics Department. http://dsbb.imf.org/pages/sdds/ctyctglist.aspx?ctycode=egy

Central Bank of Egypt External Position 76 Box. (2):Egypt's Data Quality Dimensions*: According to international rating agencies, having efficient, effective and reliable economic data, especially in developing countries, is becoming increasingly crucial to assign an appropriate sovereign credit rating. Thus, a lack of data in this area will automatically translate into a perception of high risk. Therefore, highlighting the dimensions of Egypt's data quality by showing the results of World Bank index (BBSC 2017) will be an appropriate way to show how reliable the Egyptian official data are. Egypt ranked 25 th on World Bank's Bulletin Board on Statistical Capacity index on 146 developing countries and 1 st on the MENA and African regions, with an overall statistical capacity index of 83.3 points, compared to 87.8 in 2016. Statistical Capacity Indicator 2017 (on a scale of 0-100) Indicator Egypt All Countries Overall 83.3 68.8 Methodology 70 57.1 Source Data 90 65.8 Periodicity & timeliness 90 83.4 A country's statistical capacity means its ability to extract and publish reliable and timely statistical data, easily accessible by the public. The statistical capacity index, issued annually by the World Bank, consists of three sub-indicators which include; methodology, data sources, and its periodicity and timeliness. The latter measures the degree of information and data dissemination concerning changes in government policy, and how easily that information can be accessed by the public. It is worth mentioning that, aiming to improve the statistical capacity of 146 developing countries, the World Bank provides information on various aspects of national statistical systems through the BBSC indicator at its website. As can be seen from the table and its chart, Egypt s score outpaced the average score of all countries, either on the level of the overall index, or on the level of its three sub-indicators. * Source: bbsc.worldbank.org, accessed in November, 2017.