Egypt to repay Saudi Fund for Development USD 500 mn in June

The Central Bank of Egypt will be repaying USD 500 mn to the Saudi Fund for Development in June, a source told Al Borsa. The amounts were borrowed mid-2012 at an interest rate of 5%. A source said reports that Egypt is looking to extend to refinance the borrowing for the Saudi Fund are untrue and that Egypt will continue to honor its debt obligations normally, as has throughout recent years despite the FX crunch.