Central Bank of Egypt

Central Bank of Egypt External Position of the Egyptian Economy July/March 2016/17 Volume No. (57)

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 three give a performance portrait of the key components of Egypt's Balance of Payments (BOP), International Investment Position (IIP) and its external liquidity. The fourth and fifth review developments related to Egypt s external debt in its different classifications, in addition to the Egyptian pound exchange rate performance. The sixth 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 the 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- Medium- and Long-Term External Debt 31-48 B- Projected Medium- and Long-Term Public and Publicly Guaranteed External Debt Service 49-66 C- Exchange Rates of the Currencies of External Debt versus US Dollar 67 Appendix III Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions Box. (2): Egypt's Data Quality Dimensions 74 Box. (3): Doing Business in Egypt 75 Box. (4): Tourism Sector Performance 76 73 Glossary 77

Central Bank of Egypt External Position Striving to bolster confidence in the Egyptian economy and achieve monetary stability, the CBE has taken several measures on 3 November, 2016 to rectify exchange rate policy by moving to a liberalized exchange rate regime, so that banks would be at liberty to quote and trade at any exchange rate. This move would allow the CBE to quell any distortions in the domestic foreign currency market and put foreign exchange activity back on the right and formal track through eradicating the parallel market altogether. Undoubtedly, the CBE s Decision to liberalize the exchange rate regime would lead to the steady accumulation of foreign currency reserves through the formal channels. Egypt's transactions with the external world unfolded an overall BOP surplus of US$ 11.0 billion during July/March 2016/2017 (against an overall deficit of US$ 3.6 billion in the same period a year earlier). The capital and financial account unfolded a net inflow of US$ 24.6 billion (against US$ 14.6 billion). The current account deficit fell to US$ 13.2 billion (against US$ 15.0 billion). The capital and financial account revealed the following developments: the net inflow of FDI in Egypt mounted to US$ 6.6 billion, portfolio investment in Egypt achieved a net inflow of US$ 7.8 billion, and the net change in the liabilities of the CBE to the external world increased, thereby registering a net inflow of US$ 7.7 billion. The current account deficit was mainly traceable to the following developments: the trade deficit narrowed to US$ 27.0 billion (versus US$ 29.8 billion), the services surplus declined by 18.7% to register US$ 4.5 billion, and income balance achieved a net outflow of US$ 3.2 billion (against US$ 3.1 billion). Meanwhile, unrequited current Overview transfers (net) increased to US$ 12.6 billion (from US$ 12.4 billion). Egypt s International Investment Position (IIP) at end of March 2017 recorded net external liabilities (assets minus liabilities) of about US$ 127.5 billion, up by 12.3 percent compared to end-june 2016. Net International Reserves (NIR) increased by around US$ 11.0 billion to reach US$ 28.5 billion, thus covering 6.0 months of merchandise imports at end of March 2017. The increase in NIR was mainly due to the rise of foreign currencies by just US$ 11.0 billion. During the Report s preparation, NIR reached US$ 31.3 billion at end of June 2017. Banks net foreign assets increased by around US$ 2.0 billion during July/March 2016/2017. Foreign currency deposits with banks increased by 1.9 percent during the period concerned, reaching about US$ 37.3 billion at end of March 2017. As a percentage of total deposits, they made up 28.6 percent. Total external debt increased by about 32.5 percent to about US$ 73.9 billion at end of March 2017, from US$ 55.8 billion at end of June 2016. The external debt remains within manageable limits, and its position continues to have a favorable structure, as 82.9 percent of the debt are medium- and long-term. The weighted average of the interbank foreign exchange market rate revealed that the Egyptian pound inter-bank rate depreciated by 51.6 percent during July/March 2016/ 2017, as the EGP reached 18.1396 per US dollar at end of March 2017, against EGP 8.7800 per US dollar at end of June 2016. This came in the wake of the decision of the liberalization of the Egyptian pound exchange rate in November 2016.

Section I Balance of Payments (BOP)

Central Bank of Egypt External Position 1 E gypt's transactions with the external world unfolded an overall BOP surplus of US$ 11.0 billion during July/March 2016/2017 (against an overall deficit of US$ 3.6 billion in the same period a year earlier). The capital and financial account unfolded a net inflow of US$ 24.6 billion (against US$ 14.6 billion). BOP Performance 1.1: Trade on Goods Trade volume increased by 4.2 percent, to reach US$ 59.0 billion (24.9 percent of GDP) during July/March 2016/17. The trade deficit decreased by US$ 2.8 billion, to US$ 27.0 billion (11.4 percent of GDP) from US$ 29.8 billion (8.6 percent of GDP), due to the following developments: The current account deficit registered US$ 13.2 billion (against US$ 15.0 billion). Chart (1) shows the developments in Egypt s BOP main components, on quarterly basis. US$ bn 15 10 5 0-5 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015/2016 2016/2017 Capital & Financial Account Current Account Overall Balance Chart (1) : Egypt's BOP Main Components 1- Current Account The current account deficit was mainly traceable to the following developments: the trade deficit narrowed to US$ 27.0 billion (versus US$ 29.8 billion), the services surplus declined by 18.7% to register US$ 4.5 billion, and the income balance achieved a net outflow of US$ 3.2 billion (against US$ 3.1 billion). Meanwhile, unrequited current transfers (net) increased to US$ 12.6 billion (from US$ 12.4 billion). Merchandise exports increased by 19.3 percent to US$ 16.0 billion, due to the increase in both non-oil exports by 23.3 percent, to reach US$ 11.3 billion (70.9 percent of total exports) and in oil exports by 10.6 percent to reach US$ 4.7 billion (29.1 percent of total exports). As a result, the exports/imports ratio mounted to 37.2 percent, from 31.0 percent. Merchandise imports Slightly decreased by 0.5 percent to US$ 43.0 billion, reflecting the decrease in non-oil imports by 3.7 percent to US$ 34.8 billion (81.0 percent of total imports), and the increase in oil imports by 15.9 percent to US$ 8.2 billion (19.0 percent of total imports). The following charts illustrate the distribution of commodity exports by degree of processing and imports by degree of use during July/March 2016/17. US$ bn 20.0 10.0 0.0-10.0-20.0-30.0-40.0-50.0 Chart (٢): Oil & Non-oil Exports and Imports July / March 2014/2015 2015/2016 2016/2017 oil exports non-oil exports oil imports non-oil imports Trade balance

Central Bank of Egypt External Position 2 Chart (3): Proceeds of Merchandise Exports US$ 16.0 bn African Countries (Non-Arab) 1.4% Asian Countries (Non-Arab) 19.1% Chart (6) : Imports by Geographical Distribution July / March 2016/2017 Australia & Other Countries 13.3% EU 27.8% Other EU Countries 7.3% Fuel, mineral oils & products 30.2% Raw materials 7.6 % Semifinished goods 18.1% Finished goods 44.1% Arab Countries 18.9% USA 5.3% Russian Federation & C.I.S 6.9% Fuel, mineral oils & products 19.6% Chart (4): Payments for Merchandise Imports Raw materials 10.2% US$ 43.0 bn, of which Intermediate goods 27.5% Investment goods 16.5% Consumer goods 23.0% Hereunder is the geographical distribution of merchandise exports and imports: - As for imports, Egypt's trade partners were China, USA, UAE, Germany, Saudi Arabia, Russia, Turkey, Italy, Switzerland, UK, Qatar and France. These countries combined, accounted for some 51.9 percent of total imports. 1.2: Services Balance The services surplus fell to about US$ 4.5 billion (against about US$ 5.5 billion) as services receipts declined and services payments rose, as follows: US$ bn Chart (7) : Services Balance Chart (5) : Exports by Geographical Distribution Asian Countries (Non-Arab) 8.3% African Countries (Non-Arab) 2.5% July / March 2016/2017 Australia & Other Countries 10.2% EU 31.2% Other EU Countries 8.3% 6 5 4 3 2 1 0-1 -2-3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015/2016 2016/2017 Services Receipts Services Payments Services Balance Arab Countries 30.9% USA 7.9% Russian Federation &C.I.S 0.7% - Egypt's main trade partners, in terms of exports, were UAE, Italy, USA, UK, Saudi Arabia, Switzerland, Turkey and India. These countries, combined, accounted for some 53.2 percent of total exports. 1.2.1: Services receipts fell by 8.0 percent, to some US$ 11.5 billion (against about US$ 12.5 billion), driven by the decrease in most of their items as follows: Tourism revenues by 12.8 percent to about US$ 2.8 billion (from some US$ 3.3 billion), as a result of the 25.9 percent fall in tourist nights, which scored 33.4 million nights (versus 45.1 million). (see Box 4)

Central Bank of Egypt External Position 3 Transportation receipts by 7.9 percent to about US$ 6.7 billion (against some US$ 7.3 billion), due to the fall in the receipts of airlines and navigation companies, and Suez Canal dues to about US$ 3.7 billion (against some US$ 3.9 billion), which decreased, in turn, as a result of the fall in net tonnage by 1.7 percent, and the 1.6 percent fall of SDR against the US dollar. Government services receipts by 31.4 percent to US$ 191.3 million (against US$ 278.7 million). On the other hand, other services receipts rose by 4.6 percent to about US$ 1.8 billion (against about US$ 1.7 billion), due to the rise in the fees of entertainment, cultural & recreational services, advertisement & market research services, computer services, and subscription to magazines & newspapers. US$ bn 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0-0.5-1.0-1.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Other Services Balance Tourism Services Balance Services Balance Chart (8): Service Balances 2015/2016 2016/2017 Government Services Balance Transportation Services Balance 1.2.2: Services payments rose by 0.5 percent, to about US$ 7.03 billion (against about US$ 6.99 billion). This was attributed to the following developments: Other services payments rose by 22.6 percent, to about US$ 3.2 billion (against about US$ 2.6 billion), driven by higher payments of computer services, subscription to magazines & newspapers, and legal fees & consulting fees. Government services payments rose by 55.6 percent to US$ 700.1 million (against US$ 449.9 million). On the other hand, Travel payments fell by 24.8 percent to some US$ 2.2 billion (against about US$ 2.9 billion), due to the decline of e-card payments by 17.7 percent to US$ 1.4 billion (against US$ 1.7 billion), as well as the decrease in pilgrimage (Hajj & Umrah) expenses, and expenditure of training & educational missions abroad. transportation payments fell by 8.3 percent, to US$ 931.5 million (against about US$ 1.0 billion), due to the decline in the amounts transferred for repairs of aircrafts at foreign airports, and the amounts transferred by foreign navigation companies. 1.3: Income Balance The income balance deficit rose by 3.6 percent, to about US$ 3.2 billion (against about US$ 3.1 billion). This was a result of the following developments: Investment income payments rose by 4.2 percent to some US$ 3.5 billion (against about US$ 3.4 billion. Investment income receipts rose by 11.7 percent to US$ 305.3 million (from US$ 273.2 million).

Central Bank of Egypt External Position 4 US$ bn 0.4 0.2 0.0-0.2-0.4-0.6-0.8-1.0-1.2-1.4-1.6 Chart (9): Income Balance Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015/2016 2016/2017 Income Receipts Income Payments Income Balance 1.4: Unrequited current transfers (Net) As shown in chart (10), unrequited transfers (net) rose by 1.6 percent, to about US$ 12.6 billion, (from some US$ 12.4 billion). This was mainly due to the increase in net private transfers to about US$ 12.5 billion (against some US$ 12.3 billion), and net official transfers to US$ 82.5 million (from US$ 60.7 million). US$ bn 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Against this background, some of the external balance indicators changed as shown in chart (11). 200 150 Chart (10) : Remittances of Egyptians working abroad Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015/2016 2016/2017 Chart (11): External Balance Indicators July-March 2- Capital and Financial Account The capital and financial account recorded a net inflow of about US$ 24.6 billion (against some US$ 14.6 billion in the period of comparison) as an outcome of: A- Total FDI inflows rose by 12.1 percent to about US$ 10.8 billion (against US$ 9.6 billion), while total outflows registered about US$ 4.2 billion (versus some US$ 3.7 billion). Accordingly, the net inflows of FDI in Egypt mounted to about US$ 6.6 billion (from US$ 5.9 billion). To elaborate, net inflows for the oil sector investments rose by about US$ 1.8 billion to about US$ 3.3 billion (from some US$ 1.5 billion). The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 61.4 percent. As regards the other sectors, the majority of FDI went to the undistributed sectors with 26.2 percent. The 6.5 percent of the services sectors were distributed as follows: the financial sector (1.8 percent), the real estate sector (0.9 percent), and other services sectors (3.8 percent). The share of the manufacturing sector was 5.0 percent, and the construction sector 0.7 percent. The remaining 0.2 percent went to the agricultural sector. 100 50 0 Current Receipts / Current Payments Services Receipts / Services Payments Merchandise Exports / Merchandise Imports 2015/2016 2016/2017

Central Bank of Egypt External Position 5 Construction sector 0.7% Chart (12) : Total FDI in Egypt by Economic Sectors July-March 2016/2017 Manufacturing sector 5.0% Petroleum sector 61.4% Undustributed sector 26.2% Services sector 6.5% Agricultural sector 0.2% Financial sector 1.8% Real estate sector 0.9% Other services 3.8% B-Portfolio investment in Egypt achieved a net inflow of about US$ 7.8 billion (against a net outflow of some US$ 1.5 billion). This was ascribable to the rise of foreigners' investments in Egyptian treasury bills, recording net purchases of about US$ 4.3 billion (versus net sales of some US$ 19.1 million). In addition, the Egyptian government has issued bonds abroad by about US$ 3.9 billion in Jan/March 2017. In addition, foreigners' investments on the EGX rose, recording net purchases of US$ 308.9 million (versus net sales of US$ 58.6 million). This came despite the Egyptian authorities' repayment of bonds that had fallen due in the reporting period, in the amount of about US$ 1.0 billion (outflows). C-Medium-and long-term loans and facilities achieved net disbursements of about US$ 5.1 billion (against US$ 504.1 million). D-Short-term suppliers' credit realized net drawings of about US$ 2.1 billion (against about US$ 4.8 billion). E-The net change in the liabilities of the CBE to the external world increased, thereby registering a net inflow of about US$ 7.7 billion (against some US$ 4.4 billion). F-The net change in banks' liabilities declined, recording as such a net inflow of about US$ 1.0 billion (versus about US$ 4.8 billion).

Section II International Investment Position (IIP)

Central Bank of Egypt External Position 7 International Investment Position (IIP) At end of March 2017* Egypt s IIP at end of March 2017, recorded net external liabilities (assets minus liabilities) of about US$ 127.5 billion, up by 12.3 percent compared to end of June 2016. As such, Egypt s foreign assets represented about 31.1 percent of its foreign liabilities. US$ billion 150 50-50 -150-250 Chart (1) International Investment Position (IIP) End of 42.5 44.9 49.0 57.5-113.5-117.4-123.7-127.5-156.0-162.3-172.7-185.0 Q2 Q3 Q4 Q1 2016 2017 Assets Liabilities Net IIP Source: Appendix I, table (2). Egypt's preliminary IIP data at end of March 2017 showed an increase in both Egypt's total assets and liabilities compared to the position at end of June 2016, to record net liabilities of about US$ 127.5 billion versus US$ 113.5 billion. Egypt's total financial assets increased by about US$ 15.0 billion, to reach US$ 57.5 billion in March 2017, up by 35.3 percent compared to June 2016. Total financial liabilities amounted to US$ 185.0 billion, increasing by about US$ 29.0 billion or 18.6 percent, compared to the end of June 2016. Assets and Liabilities by Component: 1- Assets increased by 35.3 percent to reach US$ 57.5 billion at end of March 2017, from US$ 42.5 billion at end of June 2016. Chart (2) Breakdown of Assets by Component Reserve assets 48.6% End of March 2017 Direct investment abroad 12.6% Portfolio investment 3.8% Other investment 35.0% This increase was mainly due to the following developments: - Reserve assets increased by 63.3 percent to about US$ 27.9 billion. - Other investments' assets increased by about 18.2 percent, to reach about US$ 20.1 billion. - Foreign direct investment increased by 2.1 percent to about US$ 7.3 billion. * Released as of September 2009 according to SDDS requirements.

Central Bank of Egypt External Position 8 - Portfolio investment abroad increased by 71.9 percent to about US$ 2.2 billion. 2- Liabilities to non-residents increased by 18.6 percent to about US$ 185.0 billion at end of March 2017. Chart (3) Breakdown of Liabilities by Component Other investment 36.3% Portfolio investment 7.2% End of March 2017 Direct investment in Egypt 56.5% This increase was mainly due to the following developments: Indicators: - Egypt s negative net IIP to GDP at end of March 2017 increased to about 71.0 percent, versus about 36.8 percent at end of June 2016. % 0-20 -40-60 -80 Chart (4) Egypt's net IIP to GDP at End of -36.8-31.8-69.1-71.0 Q2 Q3 Q4 Q1 2016 2017 - Assets to liabilities increased from about 27.2 percent, to about 31.1 percent at end of March 2017. - FDI in Egypt increased by 6.6 percent to about US$ 104.6 billion. - Other investments' liabilities increased by 28.6 percent to about US$ 67.2 billion. - Portfolio investment in Egypt increased by 132.1 percent to about US$ 13.2 billion. % 40 30 20 10 0 Chart (5) Egypt's IIP Assets/Liabilities At End of 27.2 27.7 28.4 31.1 Q2 Q3 Q4 Q1 2016 2017

Section III External Liquidity

Central Bank of Egypt External Position 9 External Liquidity A-Net International Reserves (NIR) In order to quell any distortions in the domestic foreign currency market, the CBE announced on November 3, 2016 its decision to move, with immediate effect, to a liberalized exchange rate regime. This move would allow market demand and supply dynamics to work effectively in creating an environment of reliable and sustainable provision of foreign currencies. Moreover, it would improve the deepening of foreign currency liquidity, while streamlining activity into the formal channels. During July/March 2016/2017, NIR increased by around US$ 11.0 billion (against a decline of US$ 3.5 billion in the corresponding period a year earlier) to reach US$ 28.5 billion, thus covering 6.0 months of merchandise imports at end of March 2017. US$ bn 30.0 Chart (1): NIR & Months of Imports Covered (Balance at End of the Month) Month 7.0 The increase in NIR was mainly a result of the rise in foreign currencies by just US$ 11.0 billion. During the Report s preparation, NIR reached US$ 31.3 billion at end of June 2017. End of June 2016 (US$ mn) March 2017 Net International Reserves (1-2) 17546 28526 1- Gross Official Reserves 17570 28545 Gold 2602 2621 SDRs 793 763 Foreign Currencies 14128 25125 Loans to IMF 47 36 2- Reserve Liabilities 24 19 Reserves/Months of Imports 3.7 6.0 B- Net Foreign Assets of Banks (NFA) Banks net foreign assets increased by around US$ 2.0 billion during July/March 2016/2017 (against a decline of about US$ 6.1 billion in the corresponding period a year earlier). Chart (2): Foreign Assets & Liabilities of Banks 25.0 6.0 US$ bn 20.0 (End of the Month) 20.0 5.0 Assets Liabilities 15.0 4.0 3.0 15.0 10.0 2.0 10.0 5.0 1.0 0.0 June 2015 Mar.2016 June 2016 Mar.2017 0.0 5.0 Foreign Currencies Loans to IMF Gold Reserves/Months of Imports 0.0 June 2015 Mar. 2016 June 2016 Mar. 2017

Central Bank of Egypt External Position 10 Foreign currency deposits with banks increased by 1.9 percent during the period concerned, reaching about US$ 37.3 billion at end of March 2017. Likewise, local currency deposits increased by 18.3 percent. LE bn 2500 2000 1500 Chart (3): Developments in Deposits by Local and Foreign Currencies (End of the Month) % 25 20 15 As such, the ratio of foreign currency deposits to total deposits made up 28.6 percent at end of March 2017. 1000 500 10 5 0 June 2015 Mar.2016 June 2016 Mar.2017 0 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 Egypt's external debt of all maturities increased by US$ 18.1 billion (32.5 percent), to post about US$ 73.9 billion at end of March 2017 (compared with about US$ 55.8 billion at end of June 2016). This increase came as a result of the rise in net disbursements of loans and facilities by US$ 19.1 billion, and 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 March 2017. Long-term external debt accounted for US$ 43.8 billion or 59.3 percent of the total, whereas medium-term external debt reached US$ 17.5 billion or 23.6 percent and short-term external debt accounted for the smallest portion of US$ 12.6 billion or 17.1 percent. By residual maturity 1, mediumand long-term external debt decreased, as it represented 74.7 percent of the total debt. In comparison, they accounted for 82.9 percent of the total by original maturity. Similarly, short-term debt showed an increase, as it represented 25.3 percent, compared to 17.1 percent classified by original maturity. External Debt by Residual Maturity at end of March 2017 (US$ million) 1. Short-term debt by original maturity 12604.3 2. Medium- & long-term debt maturing within one year 6056.8 3. External debt by residual maturity up to 1 year (1+2) 18661.1 Percentage to total external debt 25.3% Percentage to NIR 65.4% 4. Medium- & long-term debt by residual maturity 55227.5 Percentage to total external debt 74.7% chart (1) External Debt Structure by Original Maturity End of March 2017 Short -term debt 17.1 % Medium - term debt 23.6 % Long -term debt 59.3 % 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 long-term 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 82.9 percent of total debt, of which: Rescheduled bilateral debt reached about US$ 4.1 billion or 5.6 percent of total debt. Other bilateral debt amounted to about US$ 5.5 billion or 7.5 percent of total debt. Buyers' & Suppliers' * credit reached about US$ 5.7 billion or 7.7 percent of total debt. International and regional organizations' debt reached about US$ 21.2 billion or 28.7 percent of total debt. Government bonds and notes reached about US$ 6.7 billion or 9.0 percent of total debt at end of March 2017. These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040; (ii) US$ 500.0 million of the 5 year Treasury bonds issued in June 2012 and falling due in June 2017; (iii) US$ 1.3 billion of the Global Medium Term Notes (GMTN) issued in 2015 and falling due in 2025; and (iv) US$ 3.9 billion of the Global Medium Term Notes programme. Long-term deposits that have been placed at the CBE by some Arab countries valued at US$ 17.9 billion (24.2 percent of total debt). Non-guaranteed medium- and long-term debt of the private sector registered US$ 155.5 million (about 0.2 percent of total debt). Short-term debt increased by about US$ 5.6 billion to about US$ 12.6 billion or 17.1percent of total debt. Short- term debt 17.1% Private Sector (Nonguaranteed) 0.2% Long-term Deposits 24.2% Egyptian bonds and notes 9.0% Chart (2) External Debt Structure End of March 2017 Rescheduled bilateral debt 5.6% Other bilateral debt 7.5 % C- Breakdown by Currency Suppliers' & buyers' Credit 7.7% International & regional organizations 28.7% 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 70.5 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 28.3 percent of the total debt, as follows: the Euro is the runner-up (10.9 percent), followed by the Special Drawing Rights * (7.5 percent, the Chinese Yuan (3.5 percent), and the Kuwaiti dinar and the Japanese yen (3.2 percent for each). Kuwaiti dinar 3.2% chinese Yuan 3.5% SDRs 7.5% Euro 10.9% US dollar 70.5% D- Breakdown by Creditor Distribution by creditor country indicates that 29.2 percent was owed to Arab countries (mainly United Arab Emirates, Saudi Arabia ** and Kuwait), and that 28.7 percent was owed to international organizations *** (mainly the World Bank 5.3 percent, IMF 5.3 percent, ADF & AFDB 3.6 percent and EIB 3.1 percent). Meanwhile, 18.8 percent of Egypt's external debt came from five countries; namely Germany (6.6 percent), UK (5.2 percent), Japan (3.0 percent), USA (2.2 percent), and France (1.8 percent). Other countries 14.3% Chart (3) External Debt structure by Currency End of March 2017 Egyptian bonds and notes 9.0% Japanese yen 3.2% Chart (4) External Debt by Creditor End of March 2017 Germany 6.6% Other currencies 1.2% United Kingdom 5.2% Japan 3.0% USA 2.2% E- Breakdown by Debtor The structure of Egypt s external debt by debtor reveals that the central and local government is the main debtor, with a share of US$ 32.3 billion at end of March 2017. - Monetary authority external debt at end of March 2017, increased by US$ 7.7 billion to US$ 29.9 billion. - Other sectors' debt increased by US$ 2.5 billion to US$ 7.7 billion. - Banks' external debt increased by US$ 64.6 million to US$ 4.0 billion. (US$ bn) 80 60 40 20 0 Other Sectors Monetary Authority (US$ bn) 9 7 5 3 1-1 -3-5 Chart (5) External Debt by Debtor End of March 2015 2016 2017 Banks Central & Local Government Chart (6) External Debt by Debtor Share in total increase/decrease During July/March (0.7) 0.3 (0.8) 4.5 (1.2) 1.4 0.7 (5.0) 2014/2015 2015/2016 2016/2017 7.8 7.7 0.1 2.5 International & regional organizations 28.7% Arab Countries 29.2% France 1.8% Central & Local Government Banks Monetary Authority Other Sectors Including Egypt s allocation of SDRs by the IMF. It does not include the US$ 500 million which is classified as a 5-year Treasury bond issued in June 2012 to Saudi Fund for Development. 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 increased to 44.2 percent at end of March 2017 (from 41.3 percent at end of March 2016). In addition, its ratio to total debt registered 17.1 percent (against 12.8 percent). Medium- and long-term debt service reached US$ 4.8 billion during July/ March 2017 (US$ 4.0 billion for principal repayments and US$ 0.8 billion for interest payments). 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 (41.2 percent) at end of March 2017 (63.3 percent for Emerging & Developing Europe and 18.1 percent for Asian developing countries). - Egypt's short-term external debt to total external debt at end of March 2017 represented 17.1 percent (81.5 percent for Commonwealth and 14.5 percent for Latin America and the Caribbean). - Egypt's debt-service ratio *** registered 17.5 percent during July/March 2016/2017 (47.5 percent for East and Central Europe, and 27.4 percent for Middle East and North Africa). 70 60 50 40 30 20 10 0 25 20 15 10 5 0 % % Chart (7) External Debt Indicators End of March 2015 2016 2017 Government External Debt / External Debt External Debt /GDP Short-term Debt / Net International Reserves Short-term Debt / Total External Debt during July/March 2014/2015 2015/2016 2016/2017 Debt Service / Current Receipts (including transfers) Debt Service / Exports of Goods and Services * For more indicators, refer to appendix I, table No. 6. ** Source: World & Regional Economic Outlook Reports, April 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 The period covered by the Report has witnessed the liberalization of the Egyptian pound; a daring decision taken by CBE on 3 November 2016, with a view to giving banks more flexibility in pricing their currency trade operations, which aims to keep the hard cash within the official market and eliminate altogether the parallel market. The decision comes in line with the economic reform program that enables the Egyptian economy to face current economic challenges, unleash its capabilities, and achieve the desired growth and operation rates, by combining and adapting to the present capabilities and utilizing the full range of Egypt s human, natural, and material resources. (i) Inter-bank Rate 1 : During July/March of FY 2016/2017, the exchange rates of foreign currencies appreciated against the Egyptian pound, on the back of the CBE's decision of liberalization of the EGP. The weighted average of the US dollar in the Egyptian interbank market recorded EGP 18.1396 at end of March 2017, (against LE 8.7800 at end of June 2016). (ii) Market Rate: At end of March 2017, according to the foreign exchange market (buying price) and after the decision of liberalization of Egyptian pound exchange rate in November 2016, all foreign currencies rose against the Egyptian pound. To illustrate, the US dollar & Saudi riyal increased by 104.2 percent, the UAE dirham increased by 104.1 percent, Kuwaiti dinar by 102.2 percent, Swiss franc by 100.6 percent, Chinese Yuan by 96.8 percent, the Euro by 97.7 percent, sterling pound by 89.3 percent, and the Japanese yen (100 yens) by 88.3 percent. EGP 20 18 16 14 12 10 8 6 Chart (1) : Exchange Rate of USD & Euro against EGP (End of Period) Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 2015/2016 2016/2017 USD Interbank rate(average) USD market rate(buying price) Euro market rate(buying price) (Right axis) 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 /march 2015/2016* 2016/2017* Trade Balance -29848.6-27047.6 Exports** 13405.7 15994.0 Petroleum 4211.1 4656.6 Other Exports 9194.6 11337.4 Imports** -43254.3-43041.6 Petroleum -7072.1-8197.1 Other Imports -36182.2-34844.5 Services (Net) 5520.3 4488.0 Receipts 12515.2 11516.2 Transportation, of which : 7253.0 6678.4 Suez Canal 3877.7 3716.6 Travel 3257.1 2840.7 Government receipts 278.7 191.3 Other 1726.4 1805.8 Payments 6994.9 7028.2 Transportation 1016.3 931.5 Travel 2913.7 2189.7 Government Expenditures 449.9 700.1 Other 2615.0 3206.9 Income Balance (net) -3114.7-3225.9 Income receipts 273.2 305.3 Income payments 3387.9 3531.2 of which: Interest paid 524.4 824.6 Transfers 12402.5 12606.7 Private Transfers (net) 12341.8 12524.2 of which: Workers' Remittances 12659.6 12625.9 Official Transfers (net) 60.7 82.5 Current Account Balance -15040.5-13178.8

Central Bank of Egypt - External Position 20 (US$ mn) 2015/2016* 2016/2017* Capital & Financial Account 14550.1 24638.9 Capital Account -130.8-98.6 Financial Account 14680.9 24737.5 Direct Investment Abroad -113.5-147.7 Direct Investment in Egypt (Net) 5885.7 6565.0 Portfolio Investment Abroad (Net) 148.6 178.7 Portfolio Investment in Egypt (Net), of which: -1501.4 7801.2 Bonds -1423.7 3190.2 Other Investment (Net) 10261.5 10340.3 Net Borrowing 5272.4 7232.4 M&L-Term Loans (Net) -177.4 4180.7 Drawings 2076.2 6214.1 Repayments -2253.6-2033.4 MT-Suppliers' Credit (Net) 681.5 929.7 Drawings 703.5 1012.3 Repayments -22.0-82.6 ST-Suppliers' Credit (Net) 4768.3 2122.0 Other Assets -4275.5-5635.4 Central Bank -14.6-1997.8 Banks 1208.9-3091.9 Other -5469.8-545.7 Other Liabilities 9264.6 8743.3 Central Bank 4444.2 7737.4 Banks 4820.4 1005.9 Net Errors & Omissions -3150.1-475.4 Overall Balance -3640.5 10984.7 Change in CBE Reserve Assets,Increase(-) 3640.5-10984.7 * Preliminary. ** Include free zones exports and imports. Table (1) Balance of Payments (contd.) July /march

Central Bank of Egypt - External Position 21 Table (2) International Investment Position (IIP) (US$ millions) End of June 2016 March 2017* Assets Liabilities Assets Liabilities Total 42471.9 156038.8 57451.2 184995.5 1-Direct investment 7119.0 98082.3 7266.7 104593.3 2-Portfolio investments 1272.7 5685.1 2188.2 13196.8 Equity security 752.8 2131.5 1679.0 2440.4 Debt security 519.9 3553.6 509.2 10756.4 3-Other investments 16983.4 52271.4 20072.3 67205.4 Trade credits 1905.0 2781.9 General government Long-term Short-term Other sectors 1905.0 2781.9 Long-term Short-term 1905.0 2781.9 Loans 983.3 31334.0 519.1 40939.5 Monetary authorities 4619.7 7526.6 Use of Fund credit & loans from the Fund Other long-term 1419.7 2297.0 Short-term 3200.0 5229.6 General government 20943.7 25554.4 Long-term 20943.7 25554.4 Short-term Banks 983.3 2484.9 519.1 2932.8 Long-term 561.0 2050.5 252.3 2714.8 Short-term 422.3 434.4 266.8 218.0 Other sectors 3285.7 4925.7 Long-term 3285.7 4925.7 Short-term Currency and deposits 16000.1 17778.3 19553.2 22262.2 Monetary authorities 16300.0 21167.2 Long-term 16300.0 17887.4 Short-term 3279.8 General government Long-term Short-term Banks 6944.1 1478.3 10617.2 1095.0 Long-term Short-term 1478.3 1095.0 Other sectors 9056.0 8936.0 Long-term Short-term Other assets / Liabilities 1254.1 1221.8 Monetary authorities 1254.1 1221.8 Long-term 1254.1 1221.8 Short-term General government Banks Other sectors 4-Reserves assets 17096.8 27924.0 * Preliminary.

Central Bank of Egypt - External Position 22 Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of March 2017 Breakdown of portfolio investment Assets by country of residence of the Issuers (US$ millions) Country of non-resident issuers Equities long-term debt securities short-term debt securities Total Bahamas 25.6 25.6 Bahrain 10.6 7.9 18.5 Canada 5.6 5.6 Cayman Islands 17.9 17.9 China, P.R. Mainland 1.5 1.5 Cyprus 8.4 8.4 Ethiopia 0.2 0.2 France 418.0 21.7 5.8 445.5 Germany 123.1 123.1 Holand 1.4 1.4 Indonesia 7.0 7.0 Italy 31.6 31.6 Japan 10.2 10.2 Jordan 54.9 1.3 56.2 Kenya 0.1 0.1 Kuwait 14.9 0.1 15.0 Lebanon 5.6 6.0 4.1 15.7 Luxembourg 9.4 9.4 Malaysia 16.0 8.7 24.7 Malta 1.7 1.7 Mozambique 5.4 5.4 Nigeria 11.7 6.6 18.3 Qatar 29.5 29.5 Saudi Arabia 328.5 29.6 6.8 364.9 Singapore 7.7 0.4 8.1 Syrian Arab Republic 1.2 1.2 Sudan 51.2 51.2 Switzerland 6.2 6.2 Tunisia 1.6 1.6 Turkey 1.0 1.0 United Arab Emirates 12.7 25.1 1.0 38.8 United Kingdom 263.4 45.3 6.1 314.8 United States 39.5 161.2 99.9 300.6 International Organizations 219.4 7.9 227.3 Total 1679.0 363.4 145.8 2188.2

Table (4) Net International Reserves & Net Foreign Assets at Banks End of June 2014 March 2015 June 2015 March 2016 June 2016 (US$ mn) March 2017 Net International Reserves (1-2) 16687 15291 20082 16561 17546 28526 1- Gross Official Reserves 16710 15314 20104 16586 17570 28545 Gold 2662 2471 2420 2533 2602 2621 SDRs 1274 1148 1168 1172 793 763 Foreign Currencies 12695 11629 16453 12829 14128 25125 Loans to IMF 79 66 63 52 47 36 2- Reserve Liabilities 23 23 22 25 24 19 Banks Net Foreign Assets 11452 4163 3481-2636 -4844-2798 Assets 16224 11592 11450 10153 9286 12338 Liabilities 4772 7429 7969 12789 14130 15136 Central Bank of Egypt - External Position 23

End of Table (5) External Debt by Type June 2015 March 2016 Total External Debt* 48062.9 53444.9 1- Medium & long term debt : 45487.6 46608.8 Rescheduled bilateral debt ** 6242.9 5182.5 ODA 4637.2 4446.9 Non-ODA 1605.7 735.6 Other bilateral debt 5491.7 5609.9 Paris Club countries 2200.9 3553.5 Other countries 3290.8 2056.4 International & regional organizations 12246.3 13810.1 Suppliers' & buyers' credits 1546.5 3566.8 Egyptian bonds & notes 4937.7 3514.0 Long-term deposits 15000.0 14900.0 Private sector debt (non-guaranteed) 22.5 25.5 2- Short-term debt 2575.3 6836.1 Deposits 1295.3 1345.4 Other facilities 1280.0 5490.7 Source: Loans & External Debt Department - CBE. + Provisional * The difference from World Bank Data is in short-term debt. ** According to the agreement signed with Paris Club countries on May 25, 1991. June 2016 55764.4 48746.7 5249.6 4524.5 725.1 5399.9 3553.5 1846.4 14089.9 4018.9 3493.0 16300.0 195.4 7017.7 1478.3 5539.4 (US$ mn) March 2017 + 73888.6 61284.3 4167.0 3940.6 226.4 5537.4 3571.1 1966.3 21174.5 5679.3 6683.2 17887.4 155.5 12604.3 4374.8 8229.5 Central Bank of Egypt - External Position 24

Table (6) External Debt Indicators End of March 2013 2014 External Debt /GDP (at current market prices) 14.0 14.8 Short-term Debt / total external debt 17.7 6.1 Short-term Debt / Net International Reserves 50.8 15.9 External Debt per capita (US$) 422.0 497.9 Debt Service (Principal & Interest) (US$ mn)* (during July/March) 2624.2 2669.1 2015 12.3 7.4 19.4 425.8 5193.6 2016 17.3 12.8 41.3 549.3 4218.9 (%) 2017 + 41.2 17.1 44.2 759.4 4804.1 Central Bank of Egypt - External Position Debt Service / Exports (G&S) (during July/March) % 7.0 8.3 15.4 16.3 17.5 Debt Service / Current Receipts (during July/March) % 5.1 4.8 10.2 10.9 11.9 Interest / Exports (G&S) (during July/March) % 1.4 1.7 1.6 2.2 2.7 External Debt / Exports (G&S) (during the year) % 79.1 + Provisional. * includes interest payments on Egypt's US dollar-denominated bonds and notes issued abroad. 103.4 88.4 147.7 203.1 25

Central Bank of Egypt - External Position 26 Table (7) External Debt by Debtor (US$ mn) End of June 2016 % March 2017 * % Change (-) % External Debt 55764.4 100.0 73888.6 100.0 18124.2 32.5 Total Medium- & Long-Term 48746.7 87.4 61284.3 82.9 12537.6 25.7 Total Short-Term 7017.7 12.6 12604.3 17.1 5586.6 79.6 Central & Local Government 24436.7 43.9 32237.6 43.6 7800.9 31.9 Medium- & Long-Term 24436.7 43.9 32237.6 43.6 7800.9 31.9 Bonds & Notes 3493.0 6.3 6683.2 9.0 3190.2 91.3 Loans 20943.7 37.6 25554.4 34.6 4610.7 22.0 Currency and Deposits Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0 Money Market Instruments Loans Currency and Deposits Other Liabilities Monetary Authority 22173.8 39.6 29915.6 40.4 7741.8 34.9 Medium- & Long-Term 18973.8 33.9 21406.2 28.9 2432.4 12.8 Bonds & Notes Loans 1419.7 2.5 2297.0 3.1 877.3 61.8 Currency and Deposits 16300.0 29.2 17887.4 24.2 1587.4 9.7 Other Liabilities 1254.1 2.2 1221.8 1.6 (32.3) (2.6) Short-Term 3200.0 5.7 8509.4 11.5 5,309.4 165.9 Money Market Instruments Loans 3200.0 5.7 5229.6 7.1 2029.6 63.4 Currency and Deposits 0.0 0.0 3279.8 4.4 3279.8 0.0 Other Liabilities Banks 3963.2 7.2 4027.8 5.5 64.6 1.6 Medium- & Long-Term Loans 2050.5 3.7 2714.8 3.7 664.3 32.4 Bonds & Notes Loans 2050.5 3.7 2714.8 3.7 664.3 32.4 Currency and Deposits Other Liabilities Short-Term Loans 1912.7 3.5 1313.0 1.8 (599.7) (31.4) Money Market Instruments Loans 434.4 0.8 218.0 0.3 (216.4) (49.8) Currency and Deposits 1478.3 2.7 1095.0 1.5 (383.3) (25.9) Other Liabilities 0.0 Other Sectors 5190.7 9.3 7707.6 10.5 2516.9 48.5 Medium- & Long-Term 3285.7 5.9 4925.7 6.7 1640.0 49.9 Loans from Direct Investors Bonds & Notes Trade Credits Loans 3285.7 5.9 4925.7 6.7 1640.0 49.9 Currency and Deposits Other Liabilities Short-Term 1905.0 3.4 2781.9 3.8 876.9 46.0 Loans from Direct Investors Money Market Instruments Trade Credits 1905.0 3.4 2781.9 3.8 876.9 46.0 Loans Currency and Deposits Other Liabilities * Provisional.

First: Interbank Rates * Minimum Maximum Weighted average Table (8) Foreign Exchange Rates (In LE per foreign currency unit ) End of June 2016 March 2017 Second : Market Rates Buy Sell Buy Sell US Dollar 8.8571 8.8800 18.0835 18.1882 Euro 9.8172 9.8479 19.4091 19.5251 Pound Sterling 11.8960 11.9312 22.5230 22.6589 Swiss Franc 9.0434 9.0696 18.1398 18.2466 100 Japanese Yens 8.6226 8.6491 16.2403 16.3402 Saudi Riyal 2.3616 2.3680 4.8220 4.8501 Kuwaiti Dinar 29.3350 29.4342 59.3194 59.7217 UAE Dirham 2.4114 2.4183 4.9228 4.9527 Chinese Yuan 1.3331 1.3367 2.6242 2.6406 Source: CBE daily exchange rates. * The interbank rates were launched on December 23, 2004. 8.7800 8.7800 8.7800 18.1396 Central Bank of Egypt - External Position 27

Central Bank of Egypt External Position I- Outstanding External Debt Appendix II Table Page 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. Supplier's 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- Saudi Bonds... 23 60 4- Global Medium Term Notes (GMTN)........ 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- Medium- and Long-Term Deposits for Kuwait..... 28 65 9- Medium- and Long-Term Deposits for Libya.. 29 66 10- Medium- and Long-Term Deposits for Saudi Arabia. 30 67 11- Medium- and Long-Term Deposits for United Arab Emirates... 31 68 V- Projected Short-Term Debt.. 32 69 VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 33 70

Central Bank of Egypt- External Position 31 (US$ million) Total Debt 2014 2015 2016 2017 1- Medium-and Long-Term Public & Publicly Guaranteed Debt 42,494.34 36,860.56 46,583.28 61,128.79 A. Paris Club Debt 12,706.13 9,832.69 9,658.78 10,769.21 1-Rescheduled Debt 8,439.51 6,179.68 5,182.45 4,166.99 2-Non Rescheduled Debt 4,266.62 3,653.01 4,476.33 6,602.22 B- Supplier's Credit 10.34 6.23 5.87 5.47 C. Non-Paris Club Debt 2,468.26 2,395.04 4,694.52 4,609.03 D. Multilateral Institutions 12,209.84 12,050.97 13,810.12 21,174.46 (1) E. Bonds &Notes 6,099.77 3,575.63 3,513.99 6,683.22 1-Guaranteed Notes 1,250.00 1,250.00 0.00 0.00 2-Sovereign Notes 849.77 825.63 798.82 978.22 3-Saudi Bond 500.00 500.00 500.00 500.00 4-Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 1,000.00 0.00 5-Global Medium Term Notes ( G.M.T.N.) (2) 0.00 0.00 1,215.17 1,257.00 6. Global Medium Term Notes Programme (3) 0.00 0.00 0.00 3,948.00 F. Deposits 9,000.00 9,000.00 14,900.00 17,887.40 (4) 2- Medium and Long-Term Private Sector Non-Guaranteed 20.00 25.00 25.44 155.51 3- Short-Term Debt 2,774.54 2,967.58 6,836.15 12,604.26 Currency and Deposits (Non-Residents) 865.74 1,238.66 4,545.41 4,374.78 (5) Trade Credits 1,408.80 1,717.92 1,526.24 2,781.83 Qatar Deposits 500.00 0.00 0.00 0.00 Loans 0.00 11.00 764.50 5,447.65 (6) Grand Total 45,288.88 39,853.14 53,444.87 73,888.56 Using end of period exchange rate. (1) Includes US$ 2,679.11 million representing extended fund facility by IMF (amounted SDR 1970.05 million), US$ 1,221.82 million representing SDR allocation by IMF to its member countries, Egypt s share is SDR 898.45 million and US$ 500 million representing African Export-Import Bank loan. (2) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1257 million ) due in June 2025. (3) Representing Global Medium Term Notes Programme with nominal value US$ 4,000 million (non-residents' subscriptions amounted US$ 3,948 million). (4) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 6700, 1250,5937.40 and 4000 million respectively. (5) Includes US$ 2,612.09 million representing Chinese Currency Swap Arrangement. Table ( 1 ) Outstanding Stock as at End of March (6) Includes US$ 5,200 million representing African Export-Import Bank loans amounted US$ 3,200 million and Repo Transaction amounted US$ 2,000 million Figure 1-1 ( US$bn ) 85.5 External Debt Outstanding Stock as at End of March 75.5 65.5 55.5 45.5 35.5 25.5 2011 2012 2013 2014 2015 2016 2017

Figure 1-2 Figure 1-2 Non-Paris Club Debt 6.24% Deposits 24.21 % Outstanding Stock as at End of March 2017 Private Sector Non-Guaranteed 0.21% Short-Term Debt 17.06% Supplier's Credit 0.01% Paris Club Debt 14.57 % Bonds & Notes 9.04 % Multilateral Institutions 28.66% Central Bank of Egypt- External Position 32

Central Bank of Egypt- External Position 33 Table ( 2 ) Outstanding Stock as at End of March Creditor Countries (US$ million) {1} Total Debt 2014 2015 2016 2017 Germany 3,517.74 2,726.64 3,378.03 4,665.23 Japan 2,772.55 2,231.77 2,258.29 2,226.02 China 345.01 332.29 1,951.17 1,926.52 United States 2,284.82 2,026.01 1,761.16 1,490.28 France 2,400.98 1,526.64 1,227.24 1,085.28 Kuwait 1,002.05 915.89 929.37 933.26 United Arab Emirates 19.09 40.83 590.78 632.71 Italy 250.14 350.57 347.47 511.99 Saudi Arabia 102.12 106.03 121.55 439.54 Turkey 1,000.00 1,000.00 800.00 400.00 United Kingdom 98.55 62.68 34.00 265.34 Bahrain 0.00 0.00 253.51 242.33 Spain 437.00 313.11 245.88 192.29 Denmark 218.96 150.20 132.71 102.65 Austria 207.90 115.95 67.89 66.00 The Netherlands 84.73 63.69 64.88 57.46 Belgium 35.83 20.20 12.43 47.20 Canada 109.27 76.56 52.87 37.89 Qatar 0.00 0.00 48.14 34.67 Switzerland 210.02 127.60 62.41 22.96 Finland 0.00 0.00 1.91 2.95 Norway 3.56 2.60 1.67 1.07 Sweden 15.33 7.41 2.83 0.07 Australia 69.08 37.29 12.98 0.00 Multilateral Institutions {2} 12,209.84 12,050.97 13,810.12 21,174.46 Deposits, Bonds and Notes Deposits 9,000.00 9,000.00 14,900.00 17,887.40 Saudi Arabia 3,000.00 3,000.00 4,900.00 6,700.00 United Arab Emirates 2,000.00 2,000.00 4,000.00 5,937.40 Kuwait 2,000.00 2,000.00 4,000.00 4,000.00 Libya 2,000.00 2,000.00 2,000.00 1,250.00 Guaranteed Notes 1,250.00 1,250.00 0.00 0.00 Sovereign Notes 849.77 825.63 798.82 978.22 Saudi Bond 500.00 500.00 500.00 500.00 Euro-Medium Term Notes ( E.M.T.N.) 3500.00 1000.00 1000.00 0.00 Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,215.17 1,257.00 Global Medium Term Notes Programme 0.00 0.00 0.00 3,948.00 {3} Medium and Long-Term Private Sector Non-Guaranteed 20.00 25.00 25.44 155.51 Short-Term Debt 2,774.54 2,967.58 6,836.15 12,604.26 African Export - Import Bank 0.00 0.00 3,200.00 3,200.00 Arab Trade Financing Program 0.00 0.00 0.00 29.62 REPO Transactions 0.00 0.00 0.00 2,000.00 Currency Swap Agreement (China) 0.00 0.00 0.00 2,612.09 others 2,774.54 2,967.58 3,636.15 4,762.55 Grand Total 45,288.88 39,853.14 53,444.87 73,888.56 (1) Using end of period exchange rate. (2) Includes US$ 2,679.11 million representing extended fund facility by IMF (amounted SDR 1970.05 million), US$ 1,221.82 million representing SDR allocation by IMF to its member countries, Egypt s share is SDR 898.45 million and US$ 500 million representing African Export-Import Bank loan. (3) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 6700, 1250,5937.40 and 4000 million respectively.

Figure 2 Bonds &Notes 9.04% Japan 3.01% Outstanding Stock as at End of March 2017 Deposits 24.21% Germany 6.31% United States 2.02% France 1.47% Others 8.22% Multilateral Institutions 28.66% Short-Term Debt 17.06% 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 March Country 2014 2015 2016 2017 Germany 3,517.74 2,726.64 3,378.03 4,665.23 Japan 2,769.43 2,231.77 2,258.29 2,226.02 United States 2,284.82 2,026.01 1,761.16 1,490.28 France 2,400.99 1,526.64 1,227.24 1,085.29 Italy 250.05 350.51 347.45 511.98 United Kingdom 98.54 62.68 33.99 265.34 Spain 437.00 313.11 245.88 192.29 Denmark 218.96 150.20 132.71 102.64 Austria 207.90 115.95 67.90 66.01 The Netherlands 84.73 63.69 64.88 57.46 Belgium 35.83 20.20 12.43 47.20 Canada 102.14 70.39 47.02 32.42 Switzerland 210.02 127.60 62.41 22.96 Finland 0.00 0.00 1.91 2.95 Norway 3.56 2.60 1.67 1.07 Sweden 15.34 7.41 2.83 0.07 Australia 69.08 37.29 12.98 0.00 Grand Total 12,706.13 9,832.69 9,658.78 10,769.21 {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 March (US$ million) {2} 20.0 ( US$bn ) 15.0 10.0 5.0 0.0 2011 2012 2013 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 March Country Total Debt (US$ million) {1} 2014 2015 2016 2017 Germany 1,855.53 1,395.52 1,422.44 1,254.41 Japan 1,847.62 1,424.17 1,337.25 1,196.24 United States 1,887.42 1,658.28 1,423.11 1,181.90 France 1,507.96 835.34 471.13 224.92 Spain 267.67 188.89 107.40 61.09 The Netherlands 84.73 63.69 64.88 57.46 Denmark 99.51 68.94 62.35 51.24 Italy 167.84 119.06 70.16 41.64 Canada 102.14 70.39 47.02 32.42 Austria 205.36 111.87 64.08 30.58 United Kingdom 98.52 62.67 33.99 15.34 Switzerland 195.06 115.79 50.86 13.66 Belgium 32.24 17.80 10.31 4.95 Norway 3.56 2.60 1.67 1.07 Sweden 15.27 7.38 2.82 0.07 Australia 69.08 37.29 12.98 0.00 Grand Total 8,439.51 6,179.68 5,182.45 4,166.99 {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 March 15.0 ( US$bn ) 10.0 5.0 0.0 2011 2012 2013 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 March Country (US$ million) {1} Total Debt 2014 2015 2016 2017 Germany 1,662.21 1,331.12 1,955.59 3,410.82 Japan 921.81 807.60 921.04 1,029.78 France 893.03 691.30 756.11 860.37 Italy 82.21 231.45 277.29 470.34 United States 397.40 367.73 338.05 308.38 United Kingdom 0.02 0.01 0.00 250.00 Spain 169.33 124.22 138.48 131.20 Denmark 119.45 81.26 70.36 51.40 Belgium 3.59 2.40 2.12 42.25 Austria 2.54 4.08 3.82 35.43 Switzerland 14.96 11.81 11.55 9.30 Finland 0.00 0.00 1.91 2.95 Sweden 0.07 0.03 0.01 0.00 Grand Total 4,266.62 3,653.01 4,476.33 6,602.22 {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 March ( US$bn ) 7 6 5 4 3 2 1 0 2011 2012 2013 2014 2015 2016 2017

Figure 5-2 Non Rescheduled Debt 61.31% Medium and Long-Term Public and Publicly Guaranteed External Debt Paris Club Debt Outstanding Stock as at End of March 2017 Rescheduled Debt 38.69% 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 March (US$ million) {1} Total Debt Country 2014 2015 2016 2017 Canada 7.13 6.17 5.85 5.47 Italy 0.09 0.06 0.02 0.00 Japan 3.12 0.00 0.00 0.00 Grand Total 10.34 6.23 5.87 5.47 {1} Using end of period exchange rate. Figure 6 30.00 Medium and Long-Term Public &Publicly Guaranteed External Debt Supplier's Credit Outstanding Stock as at End of March 25.00 20.00 ( US$mn ) 15.00 10.00 5.00 0.00 2011 2012 2013 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 March Country Total Debt (US$ million) {1} 2014 2015 2016 2017 China 345.00 332.29 1,951.17 1,926.52 {2} Kuwait 1,002.05 915.89 929.37 933.26 United Arab Emirates 19.09 40.83 590.78 632.71 Saudi Arabia 102.12 106.03 121.55 439.54 Turkey 1,000.00 1,000.00 800.00 400.00 Bahrain 0.00 0.00 253.51 242.33 Qatar 0.00 0.00 48.14 34.67 Grand Total 2,468.26 2,395.04 4,694.52 4,609.03 {1} Using end of period exchange rate. (2) Includes US$ 900 million representing China facility agreement. Figure 7 5,000 4,000 Medium and Long-Term Public & Publicly Guaranteed External Debt Non-Paris Club Debt Outstanding Stock as at End of March ( US$mn ) 3,000 2,000 1,000 0 2011 2012 2013 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 March Creditor Total Debt (US$ million) {1} 2014 2015 2016 2017 IBRD 3,504.17 4,108.05 4,949.50 7,332.05 IMF {2} 1,388.67 1,239.41 1,265.76 3,900.93 African Development Bank 1,611.52 1,513.48 2,041.02 2,519.03 European Investment Bank 1,905.68 1,672.02 1,645.31 2,254.19 Arab Fund for Economic and Social Development 1,519.07 1,493.66 1,461.44 1,424.01 Arab Monetary Fund 344.67 168.89 536.31 932.66 IDA 1,170.83 1,001.68 920.75 792.18 African Export - Import Bank 0.00 0.00 67.39 560.67 Islamic Development Bank 225.66 289.01 328.32 459.15 OPEC 162.74 193.04 206.48 230.96 International Islamic Trade Finance Corporation 0.00 0.00 0.00 200.00 African Development Fund 207.80 176.21 175.73 165.94 European Bank For Reconstruction and Development 0.00 0.00 14.17 130.99 International Fund for Agricultural Development 104.44 95.91 109.43 116.26 Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 0.00 100.00 Clean Technology Fund 0.00 9.73 45.88 55.44 Arab Trade Financing Program 64.59 89.88 42.63 0.00 Grand Total 12,209.84 12,050.97 13,810.12 21,174.46 {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 25,000 20,000 Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of March ( US$mn ) 15,000 10,000 5,000 0 2011 2012 2013 2014 2015 2016 2017

Figure 8-2 AMF 4.40% African Development Bank 11.90% Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of March IMF 18.42% I.D.A 3.74% European Investment Bank 10.64% IBRD 34.63% Arab Fund for Economic and Social Development 6.73% Others 9.54% Central Bank of Egypt- External Position 42

Central Bank of Egypt- External Position 43 Table ( 9) Bonds &Notes Outstanding Stock as at End of March Total Debt (US$ million) 2014 2015 2016 2017 Guaranteed Notes 1,250.00 1,250.00 0.00 0.00 Sovereign Notes 849.77 825.63 798.82 978.22 Saudi Bond 500.00 500.00 500.00 500.00 Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 1,000.00 0.00 Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,215.17 1,257.00 Global Medium Term Notes Programme 0.00 0.00 0.00 3,948.00 Grand Total 6,099.77 3,575.63 3,513.99 6,683.22

Central Bank of Egypt- External Position 44 Table ( 10 ) Medium and Long-Term Deposits Outstanding Stock as at End of March Country Total Debt (US$ million) 2014 2015 2016 2017 Saudi Arabia 3,000.00 3,000.00 4,900.00 6,700.00 United Arab Emirates 2,000.00 2,000.00 4,000.00 5,937.40 Kuwait 2,000.00 2,000.00 4,000.00 4,000.00 Libya 2,000.00 2,000.00 2,000.00 1,250.00 Grand Total 9,000.00 9,000.00 14,900.00 17,887.40

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 March Country Total Debt (US$ million) {1} 2014 2015 2016 2017 Multilateral Institutions 20.00 25.00 25.44 124.96 Germany 0.00 0.00 0.00 15.55 Bahrain 0.00 0.00 0.00 15.00 Grand Total 20.00 25.00 25.44 155.51 {1} Using end of period exchange rate. Figure 9 Medium and Long-Term Private Sector Non-Guaranteed External Debt Outstanding Stock as at End of March 160.00 140.00 120.00 ( US$mn ) 100.00 80.00 60.00 40.00 20.00 0.00 2011 2012 2013 2014 2015 2016 2017

Central Bank of Egypt- External Position 46 Table ( 12 ) Short-Term Debt Outstanding Stock as at End of March Total Debt (US$ million) {1} 2014 2015 2016 2017 Short-Term Debt Loans 0.00 11.00 764.50 5,447.65 Currency and Deposits (Non-Residents) 865.74 1,238.66 4,545.41 4,374.78 {2} {3} Trade Credits 1,408.80 1,717.92 1,526.24 2,781.83 Qatar Deposits 500.00 0.00 0.00 0.00 Grand Total 2,774.54 2,967.58 6,836.15 12,604.26 (1) Using end of period exchange rate. (2) Includes US$ 5,200 million representing African Export-Import Bank loans amounted US$ 3,200 million and Repo Transaction amounted US$ 2,000 million. (3) Includes US$ 2,612.09 million representing Chinese Currency Swap Arrangement. Figure 10 14,000 Short-Term Debt Outstanding Stock as at End of March 12,000 10,000 ( US$mn ) 8,000 6,000 4,000 2,000 0 2011 2012 2013 2014 2015 2016 2017

Central Bank of Egypt- External Position 47 Table ( 13 ) Outstanding Stock as at End of March (US$ million) (*) Currency Total Debt 2014 2015 2016 2017 US Dollar 27,602.73 25,430.88 38,274.32 52,065.99 EURO 8,299.03 6,138.69 6,679.90 8,023.23 Special Drawing Rights 2,711.65 2,243.72 2,587.90 5,522.97 Chinese Yuan 0.00 0.00 0.00 2,612.09 Kuwaiti Dinar 2,521.12 2,409.55 2,390.81 2,357.27 Japanese Yen 2,923.39 2,358.35 2,395.92 2,326.23 Egyptian Pound 352.12 557.81 557.64 227.04 Swiss Franc 388.28 297.51 215.12 164.36 Saudi Riyal 104.50 108.24 128.60 441.36 Danish Kroner 88.71 63.31 62.60 51.58 Canadian Dollar 88.63 62.82 46.81 36.27 U.A.E. Dirham 19.14 41.72 38.30 31.07 British Pound Sterling 120.31 104.92 50.08 26.84 Norwegian Kroner 3.68 2.49 2.21 1.97 Swedish Kroner 14.47 6.89 5.55 0.29 Australian Dollar 51.12 26.24 9.11 0.00 Total 45,288.88 39,853.14 53,444.87 73,888.56 (*) 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 1/4/2014 to 31/3/2017 Signed Amount Disbursed Undisbursed 1- Medium and Long-Term Public & Publicly Guaranteed Debt 34,941.57 25,102.85 9,837.27 A. Paris Club Debt 6,837.74 3,133.76 3,703.98 Non-Rescheduled Debt 6,837.74 3,133.76 3,703.98 B. Non-Paris Club Debt 5,021.34 2,897.90 2,123.44 C. Multilateral Institutions 13,082.49 9,071.19 4,009.85 D. Deposits 10,000.00 10,000.00 0.00 2- Medium and Long-Term Private 440.00 159.96 280.04 Sector Non-Guaranteed Debt Grand Total 35,381.57 25,262.81 10,117.31 {1} Using end of period exchange rate. Figure 12 18,000.00 16,000.00 Medium and Long-Term Disbursed and Undisbursed Amounts for Signed Loans and Deposits from 1/4/2011 to 31/3/2017 (US$ million) {1} ( US$mn ) 14,000.00 12,000.00 10,000.00 8,000.00 6,000.00 4,000.00 2,000.00 0.00 2011 2012 2013 2014 2015 2016 2017 Signed Loans and Deposit Disbursed Undisbursed

Central Bank of Egypt - External Position 49 Period Principal Interest Total Period Principal Interest Total 2017/H1 (2) 1480.42 319.90 1,800.32 2036/H1 159.01 84.97 243.98 2017/H2 (3) 1937.53 740.43 2,677.96 2036/H2 150.54 83.64 234.17 2018/H1 (4) 4741.08 677.29 5,418.37 2037/H1 133.15 82.43 215.57 2018/H2 (5) 7922.51 673.74 8,596.24 2037/H2 115.21 81.28 196.50 2019/H1 (6) 3936.87 602.07 4,538.94 2038/H1 102.39 80.34 182.73 2019/H2 (7) 4298.22 555.71 4,853.93 2038/H2 85.28 79.54 164.82 2020/H1 (8) 4413.74 517.91 4,931.65 2039/H1 75.29 78.90 154.18 2020/H2 1675.26 459.55 2,134.82 2039/H2 74.82 78.27 153.08 2021/H1 (9) 1950.92 430.47 2,381.39 2040/H1 (14) 451.82 77.72 529.54 2021/H2 1548.36 413.59 1,961.94 2040/H2 71.72 64.10 135.82 2022/H1 (10) 3135.89 390.82 3,526.71 2041/H1 60.50 63.50 124.00 2022/H2 (11) 2349.87 314.77 2,664.64 2041/H2 60.08 63.00 123.07 2023/H1 1390.92 288.87 1,679.79 2042/H1 55.72 62.50 118.22 2023/H2 1430.75 277.71 1,708.45 2042/H2 54.05 62.03 116.07 2024/H1 1291.19 257.84 1,549.04 2043/H1 52.56 61.55 114.11 2024/H2 1156.55 247.80 1,404.35 2043/H2 46.09 61.10 107.18 2025/H1 (12) 2320.00 233.86 2,553.86 2044/H1 42.99 60.72 103.71 2025/H2 1020.10 190.22 1,210.32 2044/H2 42.56 60.32 102.88 2026/H1 1039.34 191.17 1,230.51 2045/H1 42.30 59.91 102.20 2026/H2 945.34 172.90 1,118.24 2045/H2 42.20 59.53 101.73 2027/H1 (13) 1488.24 163.51 1,651.75 2046/H1 41.51 59.13 100.64 2027/H2 506.32 124.75 631.07 2046/H2 39.17 58.76 97.92 2028/H1 410.35 119.64 529.99 2047/H1 (15) 1287.98 58.36 1,346.35 2028/H2 398.82 117.04 515.86 2047/H2 37.84 4.88 42.72 2029/H1 352.97 112.89 465.87 2048/H1 37.20 4.51 41.71 2029/H2 346.23 110.36 456.59 2048/H2 36.71 4.15 40.86 2030/H1 317.50 107.24 424.74 2049/H1 34.83 3.75 38.58 2030/H2 302.40 104.83 407.23 2049/H2 34.83 3.42 38.25 2031/H1 261.69 102.61 364.30 2050/H1 34.54 3.02 37.56 2031/H2 259.69 100.45 360.14 2050/H2 32.28 2.69 34.97 2032/H1 252.02 98.59 350.61 2051/H1 17.10 2.32 19.42 2032/H2 236.64 96.48 333.11 2051/H2 15.17 2.17 17.33 2033/H1 227.14 94.61 321.75 2052/H1 0.51 0.01 0.52 2033/H2 213.65 92.70 306.35 2052/H2 0.51 0.01 0.52 2034/H1 207.57 91.10 298.67 2053/H1 0.51 0.01 0.51 2034/H2 198.51 89.38 287.89 2053/H2 0.51 0.00 0.51 2035/H1 188.57 87.92 276.49 2054/H1 0.51 0.00 0.51 2035/H2 183.86 86.34 270.20 Grand Total 59,906.97 (16) 11,469.52 (17) 71,376.49 (1) The exchange rate of March 31, 2017. (2) Includes US$ 500.00 million Saudi bond maturing 2017 & US$ 350.00 million deposits maturing 2017. (3) Includes US$ 600.00 million deposits maturing 2017. (4) Includes US$ 2598.67 million deposits maturing 2018. (5) Includes US$ 6100.00 million deposits maturing 2018. (6) Includes US$ 2433 million deposits maturing 2019. (7) Includes US$ 2100 million deposits maturing 2019. (8) Includes US$ 600 million sovereign notes & US$ 2435 million deposits maturing 2020. (9) Includes US$ 333.33 million deposits maturing 2021. (10) Includes US$ 1732.00 million Global Medium Term Notes Programme maturing 2022. (11) Includes US$ 937.40 million deposits maturing 2022. (12) Includes US$ 1257.00 million Global Medium Term Notes ( G.M.T.N.) maturing 2025. (13) Includes US$ 966.00 million Global Medium Term Notes Programme maturing 2027. (14) Includes US$ 378.22 million sovereign notes maturing 2040. (15) Includes US$ 1250.00 million Global Medium Term Notes Programme maturing 2047. (16) Excludes US$ 1221.82 million representing SDR allocation by IMF to its member countries, Egypt s share is SDR 898.45 MN. (17) Includes US$ 129.33 million representing forecast interest of SDR allocation. Table ( 15 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of April 1, 2017 (US$ million) (1)

Figure 15 US$ mn 16,000 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 April 1, 2017 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 2017/H1 118.53 24.90 143.44 2036/H1 29.07 1.33 30.40 2017/H2 439.58 108.83 548.40 2036/H2 28.50 1.23 29.72 2018/H1 422.47 95.16 517.63 2037/H1 26.37 1.12 27.49 2018/H2 540.31 98.54 638.85 2037/H2 25.20 1.03 26.23 2019/H1 579.97 82.29 662.26 2038/H1 23.81 0.94 24.75 2019/H2 750.79 83.70 834.49 2038/H2 21.63 0.86 22.49 2020/H1 630.45 66.94 697.39 2039/H1 18.46 0.78 19.24 2020/H2 795.91 67.08 862.99 2039/H2 18.03 0.71 18.74 2021/H1 618.62 51.57 670.19 2040/H1 17.40 0.65 18.05 2021/H2 602.94 50.89 653.84 2040/H2 17.02 0.59 17.61 2022/H1 439.48 39.09 478.57 2041/H1 15.84 0.52 16.36 2022/H2 459.73 39.80 499.53 2041/H2 15.41 0.47 15.88 2023/H1 440.65 30.95 471.60 2042/H1 13.91 0.41 14.32 2023/H2 456.74 30.95 487.69 2042/H2 12.23 0.37 12.60 2024/H1 404.85 22.86 427.71 2043/H1 11.82 0.32 12.14 2024/H2 377.67 22.65 400.32 2043/H2 11.40 0.28 11.68 2025/H1 303.86 15.87 319.73 2044/H1 8.76 0.24 9.00 2025/H2 324.82 15.90 340.72 2044/H2 8.33 0.21 8.54 2026/H1 314.62 10.24 324.87 2045/H1 8.07 0.18 8.24 2026/H2 280.72 9.60 290.33 2045/H2 7.97 0.15 8.12 2027/H1 92.97 5.11 98.07 2046/H1 7.28 0.12 7.40 2027/H2 110.46 6.29 116.75 2046/H2 4.94 0.09 5.03 2028/H1 80.75 4.31 85.06 2047/H1 3.75 0.07 3.83 2028/H2 92.72 4.98 97.70 2047/H2 3.61 0.06 3.67 2029/H1 77.80 3.75 81.56 2048/H1 3.23 0.05 3.27 2029/H2 80.81 3.95 84.77 2048/H2 3.06 0.04 3.10 2030/H1 69.98 3.24 73.22 2049/H1 1.18 0.03 1.21 2030/H2 80.14 3.20 83.34 2049/H2 1.18 0.02 1.21 2031/H1 56.03 2.80 58.82 2050/H1 0.89 0.02 0.91 2031/H2 55.60 2.60 58.20 2050/H2 0.89 0.02 0.91 2032/H1 52.98 2.40 55.38 2051/H1 0.51 0.01 0.52 2032/H2 41.35 2.21 43.56 2051/H2 0.51 0.01 0.52 2033/H1 36.95 2.06 39.01 2052/H1 0.51 0.01 0.52 2033/H2 35.39 1.93 37.32 2052/H2 0.51 0.01 0.52 2034/H1 33.92 1.81 35.73 2053/H1 0.51 0.01 0.51 2034/H2 32.71 1.68 34.39 2053/H2 0.51 0.00 0.51 2035/H1 32.02 1.57 33.59 2054/H1 0.51 0.00 0.51 2035/H2 31.16 1.45 32.60 Grand Total 10,769.21 1,036.06 11,805.27 (1) The exchange rate of March 31, 2017. Table ( 16 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service Paris Club Debt as of April 1, 2017

Figure 16 US$ mn 1800 1600 1400 1200 1000 800 600 400 200 Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of April 1, 2017 Paris Club Debt 0 2017 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 April 1, 2017 Paris Club Debt Rescheduled Debt (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H1 2.40 2.83 5.23 2022/H1 146.47 18.49 164.96 2017/H2 273.42 51.56 324.98 2022/H2 148.72 16.62 165.34 2018/H1 287.20 48.57 335.77 2023/H1 150.99 14.97 165.96 2018/H2 290.57 44.48 335.05 2023/H2 153.30 13.08 166.38 2019/H1 292.36 41.19 333.55 2024/H1 155.43 11.36 166.79 2019/H2 295.82 37.12 332.93 2024/H2 153.43 9.45 162.88 2020/H1 297.70 33.70 331.39 2025/H1 155.69 7.63 163.31 2020/H2 301.24 29.71 330.95 2025/H2 158.16 5.68 163.83 2021/H1 303.41 26.05 329.46 2026/H1 160.47 3.79 164.26 2021/H2 280.36 22.02 302.37 2026/H2 159.88 1.81 161.69 Grand Total 4,166.99 440.10 4,607.08 (1) The exchange rate of March 31, 2017.

Central Bank of Egypt - External Position 54 Period Principal Interest Total Period Principal Interest Total 2017/H1 116.13 22.08 138.21 2036/H1 29.07 1.33 30.40 2017/H2 166.16 57.27 223.42 2036/H2 28.50 1.23 29.72 2018/H1 135.28 46.58 181.86 2037/H1 26.37 1.12 27.49 2018/H2 249.74 54.06 303.80 2037/H2 25.20 1.03 26.23 2019/H1 287.61 41.10 328.71 2038/H1 23.81 0.94 24.75 2019/H2 454.97 46.58 501.55 2038/H2 21.63 0.86 22.49 2020/H1 332.75 33.25 366.00 2039/H1 18.46 0.78 19.24 2020/H2 494.67 37.37 532.04 2039/H2 18.03 0.71 18.74 2021/H1 315.21 25.52 340.73 2040/H1 17.40 0.65 18.05 2021/H2 322.59 28.88 351.47 2040/H2 17.02 0.59 17.61 2022/H1 293.01 20.60 313.62 2041/H1 15.84 0.52 16.36 2022/H2 311.01 23.19 334.19 2041/H2 15.41 0.47 15.88 2023/H1 289.66 15.98 305.63 2042/H1 13.91 0.41 14.32 2023/H2 303.44 17.87 321.31 2042/H2 12.23 0.37 12.60 2024/H1 249.42 11.50 260.92 2043/H1 11.82 0.32 12.14 2024/H2 224.24 13.19 237.43 2043/H2 11.40 0.28 11.68 2025/H1 148.17 8.24 156.42 2044/H1 8.76 0.24 9.00 2025/H2 166.66 10.22 176.89 2044/H2 8.33 0.21 8.54 2026/H1 154.16 6.45 160.61 2045/H1 8.07 0.18 8.24 2026/H2 120.85 7.79 128.64 2045/H2 7.97 0.15 8.12 2027/H1 92.97 5.11 98.07 2046/H1 7.28 0.12 7.40 2027/H2 110.46 6.29 116.75 2046/H2 4.94 0.09 5.03 2028/H1 80.75 4.31 85.06 2047/H1 3.75 0.07 3.83 2028/H2 92.72 4.98 97.70 2047/H2 3.61 0.06 3.67 2029/H1 77.80 3.75 81.56 2048/H1 3.23 0.05 3.27 2029/H2 80.81 3.95 84.77 2048/H2 3.06 0.04 3.10 2030/H1 69.98 3.24 73.22 2049/H1 1.18 0.03 1.21 2030/H2 80.14 3.20 83.34 2049/H2 1.18 0.02 1.21 2031/H1 56.03 2.80 58.82 2050/H1 0.89 0.02 0.91 2031/H2 55.60 2.60 58.20 2050/H2 0.89 0.02 0.91 2032/H1 52.98 2.40 55.38 2051/H1 0.51 0.01 0.52 2032/H2 41.35 2.21 43.56 2051/H2 0.51 0.01 0.52 2033/H1 36.95 2.06 39.01 2052/H1 0.51 0.01 0.52 2033/H2 35.39 1.93 37.32 2052/H2 0.51 0.01 0.52 2034/H1 33.92 1.81 35.73 2053/H1 0.51 0.01 0.51 2034/H2 32.71 1.68 34.39 2053/H2 0.51 0.00 0.51 2035/H1 32.02 1.57 33.59 2054/H1 0.51 0.00 0.51 2035/H2 31.16 1.45 32.60 Grand Total 6,602.22 595.97 7,198.19 (1) The exchange rate of March 31, 2017. Table ( 18 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of April, 2017 Paris Club Debt Non-Rescheduled Debt (US$ million) (1)

Central Bank of Egypt - External Position 55 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H1 0.04 0.00 0.04 2028/H2 0.13 0.00 0.13 2017/H2 0.13 0.00 0.13 2029/H1 0.13 0.00 0.13 2018/H1 0.13 0.00 0.13 2029/H2 0.13 0.00 0.13 2018/H2 0.13 0.00 0.13 2030/H1 0.13 0.00 0.13 2019/H1 0.13 0.00 0.13 2030/H2 0.13 0.00 0.13 2019/H2 0.13 0.00 0.13 2031/H1 0.13 0.00 0.13 2020/H1 0.13 0.00 0.13 2031/H2 0.13 0.00 0.13 2020/H2 0.13 0.00 0.13 2032/H1 0.13 0.00 0.13 2021/H1 0.13 0.00 0.13 2032/H2 0.13 0.00 0.13 2021/H2 0.13 0.00 0.13 2033/H1 0.13 0.00 0.13 2022/H1 0.13 0.00 0.13 2033/H2 0.13 0.00 0.13 2022/H2 0.13 0.00 0.13 2034/H1 0.13 0.00 0.13 2023/H1 0.13 0.00 0.13 2034/H2 0.13 0.00 0.13 2023/H2 0.13 0.00 0.13 2035/H1 0.13 0.00 0.13 2024/H1 0.13 0.00 0.13 2035/H2 0.13 0.00 0.13 2024/H2 0.13 0.00 0.13 2036/H1 0.13 0.00 0.13 2025/H1 0.13 0.00 0.13 2036/H2 0.13 0.00 0.13 2025/H2 0.13 0.00 0.13 2037/H1 0.13 0.00 0.13 2026/H1 0.13 0.00 0.13 2037/H2 0.04 0.00 0.04 2026/H2 0.13 0.00 0.13 2038/H1 0.04 0.00 0.04 2027/H1 0.13 0.00 0.13 2038/H2 0.04 0.00 0.04 2027/H2 0.13 0.00 0.13 2039/H1 0.04 0.00 0.04 2028/H1 0.13 0.00 0.13 Grand Total 5.47 0.00 5.47 (1) The exchange rate of March 31, 2017. Table ( 19 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service Supplier's Credit as of April 1, 2017

Central Bank of Egypt - External Position 56 Table ( 20 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of April 1, 2017 Non-Paris Club Debt (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H1 249.56 31.80 281.36 2028/H1 33.38 1.83 35.21 2017/H2 290.57 83.74 374.32 2028/H2 23.42 1.36 24.78 2018/H1 485.92 81.70 567.62 2029/H1 13.03 1.05 14.09 2018/H2 338.99 71.37 410.35 2029/H2 11.29 0.89 12.18 2019/H1 248.94 65.28 314.22 2030/H1 11.29 0.74 12.03 2019/H2 245.11 59.14 304.25 2030/H2 5.14 0.60 5.74 2020/H1 257.92 53.86 311.78 2031/H1 5.14 0.55 5.69 2020/H2 334.97 47.92 382.88 2031/H2 5.24 0.50 5.73 2021/H1 254.58 40.25 294.83 2032/H1 5.24 0.45 5.68 2021/H2 219.46 34.68 254.14 2032/H2 5.24 0.39 5.63 2022/H1 240.16 30.32 270.47 2033/H1 4.50 0.34 4.84 2022/H2 227.21 25.32 252.53 2033/H2 3.77 0.30 4.07 2023/H1 238.98 20.77 259.75 2034/H1 3.77 0.26 4.03 2023/H2 269.12 15.90 285.02 2034/H2 3.77 0.22 3.99 2024/H1 185.78 9.87 195.65 2035/H1 3.77 0.18 3.96 2024/H2 79.16 6.36 85.52 2035/H2 3.77 0.14 3.92 2025/H1 83.55 5.26 88.81 2036/H1 2.13 0.11 2.24 2025/H2 39.67 4.38 44.05 2036/H2 2.13 0.09 2.22 2026/H1 50.22 3.81 54.03 2037/H1 2.13 0.06 2.19 2026/H2 34.61 3.28 37.89 2037/H2 2.13 0.04 2.17 2027/H1 47.56 2.80 50.36 2038/H1 2.13 0.02 2.15 2027/H2 34.61 2.32 36.92 Grand Total 4,609.03 710.23 5,319.27 (1) The exchange rate of March 31, 2017.

Central Bank of Egypt - External Position 57 Table ( 21 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of April 1, 2017 Multilateral Institutions (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H1 262.29 78.39 340.68 2034/H2 161.89 21.36 183.25 2017/H2 607.25 185.05 792.30 2035/H1 152.65 20.04 172.69 2018/H1 1233.88 170.82 1404.70 2035/H2 148.80 18.62 167.42 2018/H2 943.08 167.22 1110.30 2036/H1 127.67 17.40 145.07 2019/H1 674.83 151.22 826.04 2036/H2 119.78 16.20 135.97 2019/H2 1202.19 143.99 1346.18 2037/H1 104.51 15.11 119.63 2020/H1 490.25 134.16 624.41 2037/H2 87.85 14.08 101.93 2020/H2 544.26 128.83 673.09 2038/H1 76.41 13.25 89.66 2021/H1 744.26 123.28 867.54 2038/H2 63.61 12.55 76.16 2021/H2 725.82 116.53 842.35 2039/H1 56.79 11.99 68.78 2022/H1 724.12 110.24 834.36 2039/H2 56.79 11.43 68.22 2022/H2 725.40 103.91 829.31 2040/H1 56.19 10.95 67.14 2023/H1 711.16 97.87 809.04 2040/H2 54.71 10.38 65.09 2023/H2 704.75 91.58 796.34 2041/H1 44.66 9.85 54.51 2024/H1 700.43 85.84 786.26 2041/H2 44.66 9.40 54.06 2024/H2 699.59 79.52 779.10 2042/H1 41.81 8.96 50.77 2025/H1 675.46 73.45 748.91 2042/H2 41.81 8.53 50.34 2025/H2 655.48 67.58 723.06 2043/H1 40.74 8.10 48.84 2026/H1 674.37 74.76 749.12 2043/H2 34.69 7.69 42.37 2026/H2 629.88 57.66 687.54 2044/H1 34.23 7.35 41.58 2027/H1 381.59 53.24 434.83 2044/H2 34.23 6.98 41.22 2027/H2 361.12 50.01 411.13 2045/H1 34.23 6.60 40.83 2028/H1 296.09 47.36 343.46 2045/H2 34.23 6.25 40.49 2028/H2 282.56 44.56 327.12 2046/H1 34.23 5.88 40.11 2029/H1 262.01 41.96 303.96 2046/H2 34.23 5.54 39.77 2029/H2 254.00 39.39 293.38 2047/H1 34.23 5.16 39.39 2030/H1 236.09 37.13 273.23 2047/H2 34.23 4.82 39.05 2030/H2 216.99 34.90 251.89 2048/H1 33.98 4.46 38.43 2031/H1 200.40 33.13 233.53 2048/H2 33.65 4.11 37.76 2031/H2 198.72 31.23 229.95 2049/H1 33.65 3.72 37.37 2032/H1 193.67 29.62 223.29 2049/H2 33.65 3.39 37.04 2032/H2 189.92 27.75 217.67 2050/H1 33.65 3.00 36.66 2033/H1 185.56 26.08 211.64 2050/H2 31.39 2.68 34.07 2033/H2 174.36 24.34 198.70 2051/H1 16.59 2.31 18.90 2034/H1 169.75 22.90 192.65 2051/H2 14.66 2.15 16.81 Grand Total 19,952.64 (2) 3,105.77 (3) 23,058.41 (1) The exchange rate of March 31, 2017. (2) Excludes US$ 1,221.82 million representing SDR allocations by IMF to its member countries; Egypt s share is SDR 898.45 MN. (3) Includes US$ 129.33 million representing forecast interest of SDR allocation.

Figure 21 US$ mn 3000 2500 2000 1500 1000 500 Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Institutions as of April 1, 2017 0 2017 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 April 1, 2017 Period Principal Interest Total Period Principal Interest Total 2017/H1 0.00 30.25 30.25 2029/H1 0.00 13.00 13.00 2017/H2 0.00 30.25 30.25 2029/H2 0.00 13.00 13.00 2018/H1 0.00 30.25 30.25 2030/H1 0.00 13.00 13.00 2018/H2 0.00 30.25 30.25 2030/H2 0.00 13.00 13.00 2019/H1 0.00 30.25 30.25 2031/H1 0.00 13.00 13.00 2019/H2 0.00 30.25 30.25 2031/H2 0.00 13.00 13.00 2020/H1 600.00 30.25 630.25 2032/H1 0.00 13.00 13.00 2020/H2 0.00 13.00 13.00 2032/H2 0.00 13.00 13.00 2021/H1 0.00 13.00 13.00 2033/H1 0.00 13.00 13.00 2021/H2 0.00 13.00 13.00 2033/H2 0.00 13.00 13.00 2022/H1 0.00 13.00 13.00 2034/H1 0.00 13.00 13.00 2022/H2 0.00 13.00 13.00 2034/H2 0.00 13.00 13.00 2023/H1 0.00 13.00 13.00 2035/H1 0.00 13.00 13.00 2023/H2 0.00 13.00 13.00 2035/H2 0.00 13.00 13.00 2024/H1 0.00 13.00 13.00 2036/H1 0.00 13.00 13.00 2024/H2 0.00 13.00 13.00 2036/H2 0.00 13.00 13.00 2025/H1 0.00 13.00 13.00 2037/H1 0.00 13.00 13.00 2025/H2 0.00 13.00 13.00 2037/H2 0.00 13.00 13.00 2026/H1 0.00 13.00 13.00 2038/H1 0.00 13.00 13.00 2026/H2 0.00 13.00 13.00 2038/H2 0.00 13.00 13.00 2027/H1 0.00 13.00 13.00 2039/H1 0.00 13.00 13.00 2027/H2 0.00 13.00 13.00 2039/H2 0.00 13.00 13.00 2028/H1 0.00 13.00 13.00 2040/H1 378.22 13.00 391.22 2028/H2 0.00 13.00 13.00 Grand Total 978.22 731.75 1,709.97 (*) 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 Saudi Bond (*) Debt Service as of April 1, 2017 (US$ million) Period Principal Interest Total 2017/H1 500.00 12.50 512.50 Grand Total 500.00 12.50 512.50 (*) The Applicable Interest Rate is Fixed : 5.00 %, issued on 1/6/2012 and due on 1/6/2017.

Central Bank of Egypt - External Position 61 Table ( 24 ) Projected Global Medium Term Notes (G.M.T.N.) (*) Debt Service as of April 1, 2017 Period Principal Interest Total (US$ million) 2017/H1 0.00 36.92 36.92 2017/H2 0.00 36.92 36.92 2018/H1 0.00 36.92 36.92 2018/H2 0.00 36.92 36.92 2019/H1 0.00 36.92 36.92 2019/H2 0.00 36.92 36.92 2020/H1 0.00 36.92 36.92 2020/H2 0.00 36.92 36.92 2021/H1 0.00 36.92 36.92 2021/H2 0.00 36.92 36.92 2022/H1 0.00 36.92 36.92 2022/H2 0.00 36.92 36.92 2023/H1 0.00 36.92 36.92 2023/H2 0.00 36.92 36.92 2024/H1 0.00 36.92 36.92 2024/H2 0.00 36.92 36.92 2025/H1 1,257.00 36.92 1,293.92 Grand Total 1,257.00 627.64 1,884.64 (*)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 62 Table ( 25 ) Projected Global Medium Term Notes Programme (*) Debt Service as of April 1, 2017 Period Principal Interest Total (US$ million) 2017/H2 0.00 53.04 53.04 2018/H1 0.00 53.04 53.04 2018/H2 0.00 53.04 53.04 2019/H1 0.00 53.04 53.04 2019/H2 0.00 53.04 53.04 2020/H1 0.00 53.04 53.04 2020/H2 0.00 53.04 53.04 2021/H1 0.00 53.04 53.04 2021/H2 0.00 53.04 53.04 2022/H1 1,732.00 53.04 1,785.04 Grand Total 1,732.00 530.40 2,262.40 (*)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 63 Table ( 26 ) Projected Global Medium Term Notes Programme (*) Debt Service as of April 1, 2017 (US$ million) Period Principal Interest Total 2017/H2 0.00 36.23 36.23 2018/H1 0.00 36.23 36.23 2018/H2 0.00 36.23 36.23 2019/H1 0.00 36.23 36.23 2019/H2 0.00 36.23 36.23 2020/H1 0.00 36.23 36.23 2020/H2 0.00 36.23 36.23 2021/H1 0.00 36.23 36.23 2021/H2 0.00 36.23 36.23 2022/H1 0.00 36.23 36.23 2022/H2 0.00 36.23 36.23 2023/H1 0.00 36.23 36.23 2023/H2 0.00 36.23 36.23 2024/H1 0.00 36.23 36.23 2024/H2 0.00 36.23 36.23 2025/H1 0.00 36.23 36.23 2025/H2 0.00 36.23 36.23 2026/H1 0.00 36.23 36.23 2026/H2 0.00 36.23 36.23 2027/H1 966.00 36.23 1,002.23 Grand Total 966.00 724.60 1,690.60 (*)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 64 Table ( 27 ) Projected Global Medium Term Notes Programme (*) Debt Service as of April 1, 2017 (US$ million) Period Principal Interest Total 2017/H2 0.00 53.13 53.13 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 3,187.80 4,437.80 (*)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 65 Table ( 28 ) Projected Medium and Long-Term Deposits for Kuwait as of April 1, 2017 (US$ million) Period Principal Interest Total 2017/H1 0.00 25.28 25.28 2017/H2 0.00 57.18 57.18 2018/H1 666.00 25.28 691.28 2018/H2 2,000.00 48.98 2,048.98 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 (*) 190.53 4,190.53 (*) Consists of Two Deposits : 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 installment) Interest Paid on Semi-annual basis.

Central Bank of Egypt - External Position 66 Table ( 29 ) Projected Medium Term Deposits for Libya as of April 1, 2017 Period Principal Interest Total (US$ million) 2017/H1 250.00 0.00 250.00 2017/H2 500.00 0.00 500.00 2018/H1 500.00 0.00 500.00 Grand Total 1,250.00 (*) 0.00 1,250.00 (*) 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 67 Table ( 30 ) Projected Medium and Long-Term Deposits for Saudi Arabia as of April 1, 2017 Period Principal Interest Total (US$ million) 2017/H1 100.00 32.33 132.33 2017/H2 100.00 38.77 138.77 2018/H1 766.00 38.00 804.00 2018/H2 2,100.00 29.24 2,129.24 2019/H1 766.00 28.54 794.54 2019/H2 2,100.00 14.72 2,114.72 2020/H1 768.00 9.01 777.01 Grand Total 6,700.00 (*) 190.60 6,890.60 (*) Consists of Four Deposits : The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 700 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 installment, 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 installment) Interest Paid on Semi-annual basis. The Fourth Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 1.00 % deposited on 23/9/2016 and due on 23/9/2019 Interest Paid on Quarterly-annual basis.

Central Bank of Egypt - External Position 68 Table ( 31 ) Projected Medium and Long-Term Deposits for United Arab Emirates as of April 1, 2017 (US$ million) Period Principal Interest Total 2017/H1 0.00 47.53 47.53 2017/H2 0.00 57.29 57.29 2018/H1 666.67 56.77 723.44 2018/H2 2,000.00 48.82 2,048.82 2019/H1 1,000.00 48.32 1,048.32 2019/H2 0.00 36.11 36.11 2020/H1 1,000.00 35.88 1,035.88 2020/H2 0.00 23.40 23.40 2021/H1 333.33 23.04 356.38 2021/H2 0.00 19.17 19.17 2022/H1 0.00 18.85 18.85 2022/H2 937.40 6.46 943.86 Grand Total 5,937.40 (*) 421.63 6,359.04 (*) Consists of Four Deposits : The First Deposit Amounted US$ 2000 MM (Outstanding now is US$ 1937.40 MM), no Interest Rate deposited on 17/7/2013 and due on 17/7/2018 The Second 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 installment) Interest Paid on Semi-annual basis. The Third 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 installment) Interest Paid on Semi-annual basis. The Fourth Deposit Amounted US$ 1000 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 69 Table ( 32 ) Projected Short-Term Debt Debt Service as of April 1, 2017 (US$ million) (1) Period Principal Interest Total April-17 May-17 June-17 July-17 August-17 September-17 October-17 November-17 December-17 January-18 February-18 March-18 1,577.51 7.94 1,585.45 793.46 41.17 834.63 850.82 14.10 864.92 416.55 3.00 419.55 338.40 39.75 378.15 235.84 12.37 248.21 237.25 0.18 237.43 4,034.98 38.71 4,073.69 3,825.66 9.18 3,834.84 34.32 0.18 34.50 224.42 1.16 225.58 35.05 0.00 35.05 Grand Total 12,604.26 167.74 12,772.00 (1) The exchange rate of March 31, 2017.

Central Bank of Egypt - External Position 70 Table ( 33 ) Exchange Rates of the Currencies of External Debt Versus US Dollar as at End of March Country Currency 2014 2015 2016 2017 United States USD 1.00 1.00 1.00 1.00 Switzerland CHF 0.88 0.97 0.96 1.00 Denmark DKK 5.41 6.96 6.54 6.93 Egypt EGP 6.95 7.52 8.77 18.08 Sweden SEK 6.49 8.66 8.10 8.91 Japan JPY 103.23 119.99 112.34 111.16 India INR 60.03 62.59 66.33 64.93 United Kingdom GBP 0.60 0.68 0.70 0.80 Canada CAD 1.10 1.28 1.29 1.33 Australia AUD 1.08 1.32 1.30 1.30 Norway NOK 5.99 8.12 8.28 8.54 Euro EURO 0.73 0.93 0.88 0.93 Special Drawing Rights SDR 0.65 0.72 0.71 0.74 Kuwait KWD 0.28 0.30 0.30 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 6.22 6.20 6.46 6.89

Central Bank of Egypt External Position Appendix III Box Page I- Egypt's Subscription to SDDS and Data Quality Dimensions 1 73 II- Egypt's Data Quality Dimensions... 2 74 III- Doing Business in Egypt 3 75 IV- Tourism Sector Performance.... 4 76 - Glossary. 77

Central Bank of Egypt External Position 73 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 standard, 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 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 requirements under Special Data Dissemination Standard (SDDS) of the IMF. 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 Standard Bulletin Board (DSBB). Also, these data are included in the CBE main publications; quarterly Economic Review, Annual Report and monthly Bulletins. 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 Statistics Department. 1 http://dsbb.imf.org/pages/sdds/ctyctglist.aspx?ctycode=egy

Central Bank of Egypt External Position 74 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 2016) will be an appropriate way to show how reliable the Egyptian official data are. Egypt ranked 15 th on World Bank's Bulletin Board on Statistical Capacity index on 147 developing countries and 1 st on the MENA and African regions, with an overall statistical capacity index of 87.8 points, compared to 91.1 points in 2015. This score puts Egypt among the top 15 country group score list, ranging between 90-100 points. These countries can be distinguished and noticed easily on the map by countries colored dark green, as shown above. Statistical Capacity Indicator 2015 (on a scale of 0-100) Indicator Egypt All Countries Overall 87.8 69.0 Methodology 80 58.4 Source Data 100 67.0 Periodicity & timeliness 83.3 81.7 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 147 developing countries, the World Bank provides information on various aspects of national statistical systems through the BBSC indicator at its website. 0 20 40 60 80 100 Overall Methodology Source Data Periodicity & Timeliness Egypt All Countries 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, getting the highest score of 100 points on the scale in the source data sub-indicator. * Source: bbsc.worldbank.org, accessed in December, 2016.