Loan
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 not take out new loans unless they are on soft terms and only for pressing developmental needs, the minister said.
The total cost of the factories is LE31 billion, including a €600-million loan that is being used in the purchase of machinery.
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.
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.
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.
The first installment of the loan value, which amounts to about $750 million, will be delivered within days.
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 announced reform procedures followed by announcing securing financing packages worth $9 billion.
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.
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.
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.
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.
The Emergency Food Security and Resilience Support Project will help cushion the impact of the war in Ukraine on food and nutrition security in Egypt.
A press statement issued by the Ministry of Local Development on Wednesday indicated the top five governorates that received funds through the programme.
The loan aims to strengthen the capital base and enhance the bank's ability to finance its clients, as Banque du Caire is a strategic partner of the Fund as one of the largest banks operating in the Egyptian market.
The Anti-Drug and Addiction Treatment Fund held Wednesday a ceremony to celebrate providing a new batch of individuals, who recovered from addiction, small loans through Nasser Social Bank.
Earlier in December, the Egyptian House of Representatives approved the company’s loan, which is the third funding allocated by the state in less than two years to help the 90-year-old flagship carrier overcome the coronavirus-related implications.
Egypt's official Gazette published on Thursday President Abdel Fattah El Sisi's decree that approved a 50-million-dollar loan to finance energy efficiency program.
The program focuses on three thematic pillars, including: enhancing macro-fiscal sustainability, enabling private sector development, and fostering women’s economic inclusion.
