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FINANCIAL NEWS
Egypt to discuss USD2bn loan from KSA, UAE
11 Aug 2016
(MENAFN) Egypt is in talks with Saudi Arabia and the UAE for USD2bn loan in new funding, which will be shared between the Gulf Arab States amid the coming 4 weeks.
Furthermore, the Egyptian government aims to speed up the process of receiving the Gulf deposits to start applying the economic reform program.
In addition, the program involves cutting the Egyptian pound value against the dollar, which would ease getting the IMF loan.
Meanwhile, the country is recently in talks with the IMF regarding an USD12bn three-year lending program and will pass value-added tax legislation.
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