Connecting intelligence with intelligence

×
×
Advertisement

Jun 17 2012

Arab Monetary Fund Agrees $65 Mln Credit Facility For Egypt

Sunday, Jun 17, 2012

ABU DHABI (Zawya Dow Jones)--The Arab Monetary Fund on Sunday signed a $65 million revolving credit facility with Egypt to help support the country's inter-Arab trade.

"This is a revolving credit line [from the AMF 's financing program] to support the foreign trade of Egypt and inter Arab trade of the country," Jassim Al Manai, AMF 's chief, told reporters here.

This is the first financial aid extended to Egypt from the Arab body this year. The AMF last year extended $470 million in loans to Egypt to support the country's balance of payments and boost its foreign exchange reserves.

Egypt's economy has suffered from a sharp drop in tourism and foreign investment following the revolution that toppled former President Hosni Mubarak in February 2011.

The AMF has extended loans totalling $1.4 billion to Egypt to date, while its Arab Trade Financing Program has agreed $1.5 billion in the form of credit facilities for Egypt.

-By Leila Hatoum, Dow Jones Newswires; +971-4-446-1686; leila.hatoum@dowjones.com; Twitter: @ZDJnews

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

17-06-12 0715GMT


© Copyright Zawya. All Rights Reserved.


Be the first to comment

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X