Egypt Expects to Receive $7.5b in Foreign Aid

Egypt Expects to Receive $7.5b in Foreign Aid

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.


Sarah Samir 3292 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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