The Libyan government has already injected US$ 2 billion in the Egypt's Central Bank (CBE) by the end of last week in accordance with the agreement recently signed as regard to giving Cairo a US$ 2 billion five-year interest-free loan, senior banking sources said on Saturday. The sources told ‘Amwal Al Ghad' that the Libyan loan will be repaid over 5 years with a three-year grace period. As pursuant to the Libya-Egypt agreement, the latter shall pay for the first two years for the loan by quarterly installments, value of each worth US$ 250 million. The sources further added that the Libyan loan is “to support the Egyptian economy and the state budget and foreign currency reserves." Moreover, the sources said the triple combo finance; the Libyan loan alongside a Qatari US$ 3 billion aid through buying Egyptian government bonds and a Turkish US$500 million deposit, will support Egypt's foreign currency reserves for the current phase, and will enable the central bank to organize the exchange market as well as to eliminate the black market. The triple combo finance shall also support cash-strapped Egypt in its ongoing talks with the International Monetary Fund (IMF) over the US$ 4.8 billion, the sources noted.
