Economic return of IMF loan reaches up to LE 75B in 7 yrs

CAIRO – 17 July 2017: The economic return from the International Monetary Fund’s loan will range from LE 30 billion to LE 75 billion ($1.67 to 4.17 billion) in seven years, as per the main indices, Hisham El-Sherif, the Minister of Local Development, said Monday.

During his visit to the Sohag governorate, Sherif added that around $47 million were allocated for paving roads and other construction in the coming period.

On Thursday, the IMF approved the disbursement of the second tranche, worth $1.25 billion, of Egypt's $12 billion loan.

The approval followed the completion of the IMF Executive Board’s first review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF), the IMF said in a statement.

In November, Egypt received the first funding installment of $2.75 billion of the loan approved in favor of Egypt in 2016.