New loans expected for Egypt
Issue 1022
- 23 Sep 2016
| 1 minute read
Saudi Arabia and Abu Dhabi are expected to dip into their pockets once again to offer financial support to Egypt, so that Cairo can secure a three-year, $12bn programme of aid from the International Monetary Fund. The funding package, agreed with the IMF on 11 August, it is contingent on Egypt securing a further $5bn-6bn in loans from bilateral partners. Egyptian finance minister Amr El Garhy told an investors conference in London on 8 September,: “We’re talking to everybody and we should assume it will take a very few weeks”.
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