Jun 17 2012
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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 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.
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.
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
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