EBRD, IMF in talks to extend Egypt’s loan program by $1B
Updated 3/19/2024 2:11:00 AM
Arab Finance: The European Bank for Reconstruction and Development (EBRD) is coordinating with the International Monetary Fund (IMF) to extend the latter’s $8 billion loan program to Egypt by $1 billion, Head of Egypt at EBRD Khalid Hamza told Asharq Business.
The additional amount of $1 billion is aimed to be used in green transformation projects, Hamza added.
On March 6th, the IMF and Egypt reached a significant agreement to bolster the country's economic outlook.
The agreement, subject to approval by the IMF Executive Board, entails a substantial augmentation of IMF support to Egypt from $3 billion to an impressive $8 billion.
Egypt recently requested to receive a sum of $5 billion in April as the first tranche of the IMF’s $8 billion financing program.
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