The Arab Monetary Fund yesterday announced that it had granted Egypt a new loan worth 87.7 million dinars (about $368 million).
The loan agreement was signed by the Governor of the Central Bank of Egypt (CBE), Tarek Amer, and the AMF’s Chairman, Abdel Rahman Bin Abdullah Al-Hamidi.
The AMF said in a statement that the loan’s goal was “to provide financial resources to support Egypt’s financial situation and meet the country’s urgent needs.”
Egypt recently received $639 million from the AMF.
The new loan brings the total number of loans provided by the fund to Egypt to 15 agreements, with a total value of about $2.6 billion, according to the Enterprise.
Egypt’s total external debt jumped to $137.85 billion in June, according to central bank data issued in October.