Egypt borrows $616mln from Arab Monetary Fund for financial reforms

Agence France-Presse (AFP)

The agreement aims to improve the payment systems infrastructure, financial inclusion, and regulatory framework in the North African country

Staff Writer, Arab Finance

July 30, 2023

PHOTO

The Arab Monetary Fund (AMF) has extended a $615.8 million loan to Egypt under the country’s Structural Adjustment Facility to support its financial and banking sectors’ reforms, the fund stated on July 29th.

Governor of the Central Bank of Egypt (CBE) Hassan Abdalla and Director General Chairman of the Board of Executive Directors of the AMF Abdulrahman Al Hamidy have penned the agreement on July 25th.

The agreement aims to improve the payment systems infrastructure, financial inclusion, and regulatory framework in the North African country, according to the AMF.

Egypt is awaiting the International Monetary Fund's (IMF) review of the 46-month $3 billion loan under the Extended Fund Facility (EFF). However, the IMF's review may be conditioned on Egypt implementing more extensive reforms promised in exchange.

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