AMF, Egypt sign 2nd part of USD 470 million loan accord

Arab Monetary Fund (AMF) and Egypt signed on Monday second section of a loan agreement -- totalling USD 470 million -- according to which the fund would lend Cairo USD 270 million.

Egyptian Prime Minister Kamal Al-Janzouri witnessed the ceremonial signing of the agreement by AMF Director General Dr. Jassim Al-Munae and Egypt's Planning and International Cooperation Minister Faiza Abu el-Naga.

The loan aims to support the program of structural reform in the state budget and changes adopted by the government, el-Naga said in a press statement.

The statement noted that by offering this loan, the fund would have provided Egypt with a total of 12 loans, worth USD 1.4 billion.

The Arab Trade Financing Program of the AMF facilities that finance Egypt's foreign trade is up to USD 1.5 billion, she added.

The relations of cooperation between Egypt and the AMF are not limited. The fund provides training for Egyptian cadres serving in the financial, monetary and statistical sectors, el-Naga noted.

She pointed out that AMF also provides other assistance related to the development of payment systems and credit systems, query and secured lending systems designed to finance small and medium institutions.