Egypt to get $20bn loan from global funders says minister

Egypt to get $20bn loan from global funders says minister

The International Monetary Fund’s (IMF) expanded loan facility will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund, and others, finance minister Mohamed Maait told a press conference. The […]The International Monetary Fund’s (IMF) expanded loan facility will allow Egypt to receive more than $20 billion in additional funding from global financial institutions.

The additional funding expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund, and others, finance minister Mohamed Maait told a press conference.

The North African country expects to receive $3 billion from the World Bank, he said, adding the details of the EU package will be announced soon.

The IMF last week said that Egypt will receive an expanded $8 billion loan from the IMF after agreeing to implement a set of reforms and policies.

Maait said the IMF would release the first tranche of funding under the new programme after its board approves the expanded facility. 

UAE sovereign fund ADQ has unveiled plans to invest $35 billion in building Egypt’s “largest new city” to promote tourism and drive economic