AMF offers new loan of $615.8mln to support reforms in Egypt’s financial, banking sector

AMF offers new loan of $615.8mln to support reforms in Egypt’s financial, banking sector

The Arab Monetary Fund (AMF) has extended a new loan to Egypt, with the amount of AAD153.475m, the equivalent of approximately $615.8m, within the framework of the Structural Adjustment Facility in the Financial and Banking Sector.

The agreement was signed by Hassan Abdalla, Governor of the Central Bank of Egypt, on behalf of Egypt, and Abdulrahman A. Al Hamidy, Director General of the AMF, on behalf of the AMF. The loan supports a reform program aiming at enhancing the efficiency of the financial and banking sector in Egypt.

On this occasion, the Governor of the Central Bank of Egypt expressed his appreciation for the AMF’s continued support and the important role it plays in strengthening the ability of Arab countries to maintain economic and financial stability and face different challenges.

The Director General of the AMF valued the efforts pursued by the Egyptian government to implement economic and structural reforms, which contribute significantly to the development of the Egyptian economy and sustaining an enabling environment for the domestic and foreign business sectors, stressing the AMF keenness to continue the fruitful partnership with the Egyptian government to help the country address the different challenges in the most effective way.

The programme supported by the aforementioned