Loan
Egypt hopes to receive 25 percent of the total value of the financial support program that was recently approved by fund experts at an amount of $3 billion.
Egypt announced reform procedures followed by announcing securing financing packages worth $9 billion.
Addressing a press conference held with the IMF Thursday at the Cabinet's premises, Abdullah said that the CBE began to improve and enhance the efficiency of monetary policy and exchange rate market performance.
The new financing aims to protect macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks, strengthen its social safety net, and intensify reforms that support private sector-led growth and job creation.
Maait explained that very fruitful bilateral discussions were held with IMF experts on the sidelines of the annual meetings of the IMF and the World Bank in Washington, and significant progress was made in all policies.
Minister of Transport Kamel al-Wazir stated Monday that the ticket price of trains and metro will be raised by 25 percent by the end of August.
The Emergency Food Security and Resilience Support Project will help cushion the impact of the war in Ukraine on food and nutrition security in Egypt.
A press statement issued by the Ministry of Local Development on Wednesday indicated the top five governorates that received funds through the programme.
The loan aims to strengthen the capital base and enhance the bank's ability to finance its clients, as Banque du Caire is a strategic partner of the Fund as one of the largest banks operating in the Egyptian market.
The Anti-Drug and Addiction Treatment Fund held Wednesday a ceremony to celebrate providing a new batch of individuals, who recovered from addiction, small loans through Nasser Social Bank.
Earlier in December, the Egyptian House of Representatives approved the company’s loan, which is the third funding allocated by the state in less than two years to help the 90-year-old flagship carrier overcome the coronavirus-related implications.
Egypt's official Gazette published on Thursday President Abdel Fattah El Sisi's decree that approved a 50-million-dollar loan to finance energy efficiency program.
The program focuses on three thematic pillars, including: enhancing macro-fiscal sustainability, enabling private sector development, and fostering women’s economic inclusion.
The agreement contributes to funding a program for supporting projects and facilities of micro, small and medium enterprises of the private sector in Egypt.
The newly approved “Egypt Inclusive Growth for Sustainable Recovery” operation builds on this by supporting a second wave of structural reforms focused on creating jobs and providing an inclusive enabling environment for the private sector laying the basis for a sustainable recovery.
EBRD noted that the loan will be provided under the EBRD’s Women in Business program. It will be used to support privately owned micro, small and medium-sized enterprises (MSMEs) that are owned by women, especially in governorates other than Greater Cairo and Alexandria.
According to EBRD, 15 percent of the total loan amount is being co-financed by the Green Climate Fund (GCF).
EBRD clarified that the loan, which includes $ 7.5 million of concessional finance from the Green Climate Fund, will be used for on-lending to households and local small and medium-sized enterprises (SMEs).
Application began on August 15 and will last until September 9.
The loan, which was signed on November 23, 2020, totals 5.5 million Kuwaiti dinars (about US$ 18,27 million).
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