Arab Finance: Egypt will receive the first tranche of the International Monetary Fund’s (IMF) loan program, next week, Prime Minister Mostafa Madbouly announced in a press conference.

The IMF recently completed the first and second reviews of the Extended Fund Facility (EFF) deal with Egypt as well as approved to extend the loan program with the country by $5 billion.

Accordingly, Egyptian authorities can immediately draw around $820 million, equivalent to special drawing rights (SDR) of 618.1 million.

Madbouly further revealed that the government aims to obtain the second tranche of Ras El-Hekma investment project in early May.

The premier added that Egypt targets increasing the volume of its exports by about 15% to 20% for each sector.

As per the government’s plan, Madbouly expects the value of Egyptian exports to surpass $145 billion by 2030.

For his part, the Minister of Finance said Egypt is now entitled to apply to the Resilience and Sustainability Facility (RSF) to get long-term financing worth $1.2 billion for climate projects.

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