Egypt signs $639M with Arab Monetary Fund

CAIRO – 29 July 2020: The Arab Monetary Fund signed a new loan with Egypt worth $639 million to meet the current challenges and support reforms in the financial sector, according to the Emirates News Agency, "WAM".

The loan agreement was signed by Minister of International Cooperation, Rania Al-Mashat, and Chairman of the Fund Abdul Rahman bin Abdullah Al-Hamidi.

The Fund is currently studying requests from a number of member states to take advantage of its financial resources and work to complete procedures in this regard, in order to ensure the provision of support as quickly as possible, and in what way member states can meet financing needs and enhance their financial positions to meet various challenges, especially in such times.