Egypt to Receive $368 Mln Loan from AMF amid COVID-19

The Arab Monetary Fund (AMF) will provide Egypt with $368 million loan to strengthen the country’s financial position and meet emergency needs amid challenges caused by COVID-19, the fund announced on Saturday.

An agreement on the loan was inked on 26 January between Governor of Central Bank of Egypt Tarek Amer and Director General Chairman of the Board of Executive Directors of the AMF Abdulrahman A. Al Hamidy.

In this respect, the AMF said that it follows closely the developments in Egypt’s economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Egyptian government to help the country contain the different challenges in the most effective way.

The fund noted that it is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in the face of the ongoing challenges caused by COVID-19, through a number of means, including financing the needs of the balance of payments and public budgets, as well as financing trade through its affiliate the Arab Trade Financing Program.

Additionally, promoting policy dialogue and consultation on economic, financial and development issues via various forums and activities is one of the Fund’s roles besides providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.

The AMF is currently studying financing requests from other member countries, and is processing the requests through expedited procedures, through which the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges.