Egypt to allocate USD2bn loan from China

20 Sep 2016

(MENAFN) Egypt in talks to get USD2bn loan from China, as stated Egyptian Minister of International Co-op.

Moreover, the country achieved positive progress regarding the loan”s negotiations with the Chinese party.

Additionally, the loan aims to enhance the country”s deteriorating foreign reserves that declined after the Egyptian revolution of 2011.

However, foreign reserves declined from USD36bn before 2011 uprising to USD16.5bn by the end of August this year.

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