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 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.
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
17-06-12 0715GMT
© Copyright Zawya. All Rights Reserved.
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