IMF’s approval to raise loan to $8B will support reforms, includes access to sustainability fund: Maait

Sun, 31 Mar 2024 - 01:00 GMT

In a statement released on Saturday, the minister emphasized the significance of the IMF’s approval in support of Egypt’s economic reforms

Africa Finance Corp., ITFC to provide Egypt with $250M for procurement of essential commodities

Tue, 16 Jan 2024 - 12:05 GMT

Meticulously structured per Sharia principles, the trade loan represents a dynamic response to the evolving economic landscape in Africa, the AFC explained

IMF comms director confirms discussions to expand $3B loan

Sun, 10 Dec 2023 - 05:54 GMT

“It is clear that additional financing will be critical to ensure the success in the implementation of the policy package for Egypt,” explained IMF Communications Director Julie Kozack during a press conference

AfDB approves of new $131M loan to boost economic resilience

Wed, 29 Nov 2023 - 01:00 GMT

The $131 million loan, named the Private Sector Development and Economic Diversification Support Program, aims to “promote private sector development and economic diversification”

Egypt’s negotiations with IMF in its advanced stages, deputy finance minister Kouchouk

Wed, 18 Oct 2023 - 03:26 GMT

Egypt and the International Monetary Fund (IMF) are in the advanced stages of negotiations, with a potential announcement for the $3 billion loan’s reviews coming soon

EBRD reviews potential €165M loan to upgrade Egypt’s electricity grid

Sun, 15 Oct 2023 - 03:20 GMT

The EBRD has set the approval date for the loan as 13 December 2023

Egypt and IMF agree to merge 1st and 2nd reviews, Reuters

Sun, 24 Sep 2023 - 02:02 GMT

Citing an official statement, Reuters reported that both the IMF and Egypt agreed to merge the reviews and expect a scheduled date before the end of 2023

Egypt in Talks with UAE bank for wheat purchase loan from Kazakhstan

Thu, 21 Sep 2023 - 02:11 GMT

This move could potentially provide Egypt with a cost-effective alternative to Russian grain imports. Russia has been supplying an increasing share of Egypt's wheat since last year, but they recently refused a purchase deal below the unofficial minimum price for wheat procurement.

Egypt will avoid raising loans except for pressing developmental needs: Planning Minister

Wed, 07 Jun 2023 - 11:35 GMT

Egypt will not take out new loans unless they are on soft terms and only for pressing developmental needs, the minister said.

Egypt to inaugurate 7 textile factories worth LE31B in 2024

Mon, 05 Jun 2023 - 03:34 GMT

The total cost of the factories is LE31 billion, including a €600-million loan that is being used in the purchase of machinery.

Egypt approves €250M loan for Alexandria metro project

Wed, 26 Apr 2023 - 04:36 GMT

The project aims to enhance transportation in Egypt, and in light of the implementation of the urban transport plan in Alexandria Governorate, the project will work to improve the level of line service and provide an effective and comprehensive means of transportation in the governorate.

Egypt awaits disbursement of IMF loan's 2nd tranche

Tue, 14 Mar 2023 - 05:09 GMT

It is scheduled that the value of the second tranche of the loan will be the same as the value of the first tranche, which is $347 million.

CBE unveils rules of new loan initiative to support industry, agriculture with 11% interest rate

Wed, 08 Mar 2023 - 05:27 GMT

The total value of the Finance Ministry's initiative, approved by the cabinet in January, is LE 150 billion, the largest share of which (LE 140 billion) will be used to finance capital money, and the other LE 10 billion is dedicated to financing the purchase of capital goods.

IMF approves $3B extended credit facility for Egypt

Fri, 16 Dec 2022 - 11:21 GMT

The first installment of the loan value, which amounts to about $750 million, will be delivered within days.

Egypt hopes to obtain $750M of IMF loan during December

Sun, 04 Dec 2022 - 12:37 GMT

Egypt hopes to receive 25 percent of the total value of the financial support program that was recently approved by fund experts at an amount of $3 billion.

Egypt back to Reform Track

Mon, 31 Oct 2022 - 01:50 GMT

Egypt announced reform procedures followed by announcing securing financing packages worth $9 billion.

Egypt's deal with IMF to enhance ability to withstand external shocks: CBE governor

Thu, 27 Oct 2022 - 03:07 GMT

Addressing a press conference held with the IMF Thursday at the Cabinet's premises, Abdullah said that the CBE began to improve and enhance the efficiency of monetary policy and exchange rate market performance.

Egypt reaches 46-month expert-level agreement with IMF worth $3B

Thu, 27 Oct 2022 - 11:46 GMT

The new financing aims to protect macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks, strengthen its social safety net, and intensify reforms that support private sector-led growth and job creation.

Egypt finalizes agreement with IMF at level of experts, announcement "very soon"

Sun, 16 Oct 2022 - 11:40 GMT

Maait explained that very fruitful bilateral discussions were held with IMF experts on the sidelines of the annual meetings of the IMF and the World Bank in Washington, and significant progress was made in all policies.

Egypt to raise ticket price of trains, metro by 25% in August 2022 to pay back debts

Tue, 02 Aug 2022 - 02:31 GMT

Minister of Transport Kamel al-Wazir stated Monday that the ticket price of trains and metro will be raised by 25 percent by the end of August.