The International Monetary Fund (IMF) has agreed to lend $12b to Egypt to be paid out over three years, yet the agreement is subject to approval by IMF’s Executive Board in few weeks, according to IMF’s website.

The Head of the IMF mission to Egypt, Mr. Chris Jarvis, issued a statement saying: “I am pleased to announce that, in support of the government’s economic reform program, the Egyptian government, the Central Bank of Egypt (CBE), and the IMF team have reached a staff-level agreement on a three-year Extended Fund Facility (EFF) in the amount of [about $12b.] This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider Egypt’s request in the coming weeks.”

Senior government finance officials told The New York Times that the government requested the loan to be paid over three years period because Egypt has not received financial support recently from Egypt’s oil-rich Persian Gulf allies. Cairo thus hoped that the move will inspire international confidence in President Abdel Fattah El-Sisi’s government and attract foreign investments.