FINANCIAL NEWS

Egypt to get extra USD6bn in bilateral funding

18 Oct 2016

(MENAFN) Egypt would gather an extra USD6bn in mutual funding required to secure USD12bn Intl’ Monetary Fund (IMF) loan amid one or two weeks.

The IMF agreed to grant the country USD12bn, 3 year loan facility to support a government reform program aimed at plugging a budget gap.

Accordingly, the country would also issue global bonds in the second half of Nov or the first week of Dec, while it approved a global bond issuance of USD3-5bn.

However, Egypt’s economy has been struggling since an uprising in 2011 led in political instability that drove away tourists and foreign investors.

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