Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt, South Africa discuss strengthening cooperation in industry, transport    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Gold prices in Egypt edge higher on Wednesday, 12 Nov., 2025    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt joins Advanced Breast Cancer Global Alliance as health expert wins seat    Egypt's Suez Canal Authority, Sudan's Sea Ports Corp. in development talks    Egyptian pound gains slightly against dollar in early Wednesday trade    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt received first $500m portion of loan from AfDB: Amer
The CBE awaits the first portion of the loan agreed upon with the World Bank, which will be worth $1bn, to support the foreign exchange reserves
Hossam Mounir Published in Daily News Egypt on 09 - 01 - 2016

The Central Bank of Egypt (CBE) received the first portion of a loan from the African Development Bank (AfDB), Thursday, a value of $500m, CBE Governor Tarek Amer told Daily News Egypt.
The CBE awaits the first portion of the loan agreed upon with the World Bank, which will be worth $1bn, to support the foreign exchange reserves. Amer had previously said that the first portion of the World Bank's loan may take some time.
In December, Egypt obtained the World Bank's and the AfDB's approval to receive two loans worth a total of $4.5, provided over three years, where $3bn would be provided by the World Bank and $1.5bn by AFDB.
Foreign exchange reserves require dollar liquidity as a form of urgent support with the beginning of the new year, where reserves are facing numerous challenges, particularly during January 2016. Some of the challenges include repaying installments of external debts and the CBE's attempts to cover the local demand for dollars.
In January, the CBE will be repaying its first installment of Paris Club debts during 2016, worth $700m. It is planned that the dues of the dollar bonds bought by Qatar will be repaid with a value estimated at $1bn.
Amer said the CBE's commitment to these obligations will be parallelised with maintaining its foreign exchange reserves to cover costs of commodity imports for at least three months. Foreign exchange reserves increased from $16.422 in November 2015 to $16.445m in December 2015, recording an increase of $23m.

Clic here to read the story from its source.