Egypt borrows $368m more from Arab Monetary Fund

People walk past the Egyptian Central Bank in downtown Cairo on 3 November 2016 [KHALED DESOUKI/AFP via Getty Images]

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.

READ: Biden administration to deny $130m in military aid to Egypt

Unless otherwise stated in the article above, this work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. If the image(s) bear our credit, this license also applies to them. What does that mean? For other permissions, please contact us.