A source from the Central Bank of Egypt (CBE) stated that the country has managed to primarily secure the additional funding required to proceed in the International Monetary Fund (IMF) loan. Efforts exerted by both the CBE and Egyptian government resulted into securing the requested financing package of $6b, reported Al Mal News.
This confirmation comes as IMF Managing Director, Christine Lagarde, stated that she would run discussions with heads of states to encourage them to contribute a mutual $5-6b funding to Egypt. Her comments were made on the sidelines of the G20 Summit held in China during early September.
In related news, the African Development Bank agreed to lend Egypt $1.5b in December, with the government already receiving $500m. Furthermore, the United Arab of Emirates (UAE) has deposited $1b to the CBE in August.
Egypt Oil&Gas reported, mid August that the IMF’s $12b loan to Egypt will be divided into three tranches, each worth $4b and paid out in two installments worth $2.5b and $1.5b. The first installment could be received in September.