Egypt aims to raise $21b from international financial institutions and bilateral agreements over the course of three years. The country’s Prime Minister, Sherif Ismail, said to Bloomberg that Egypt expects to receive $7.5b in deposits to aid in restoring investor confidence, ease a crippling foreign-exchange shortage, and finalize the International Monetary Fund (IMF) loan worth $12b.
The Minister of International Cooperation, Sahar Nasr, said Egypt will receive foreign aid in the form of $2b provided by Saudi Arabia, a combined deposit $4.5b from The African Bank and World Bank, and $1b from China, reported Al Mal News.
International financial institutions will also help finance the government’s three-year program with a Washington-based lender.
The IMF’s Mission Chief for Egypt, Chris Jarvis, said that the fund’s Executive Board will not consider the loan deal before Egypt secures commitments of as much as $6 billion from bilateral creditors. He said the fund would help the government secure the money.