Egypt has secured a $616 million loan from the Arab Monetary Fund (AMF) to support reforms in the North African country’s financial and banking sectors.
The loan, which is equivalent to Arab Accounting Dinar 153.5 million, supports a reform programme that aims to advance the efficiency of the financial and banking sector in Egypt.
The AFM said, in a statement, that the financing agreement seeks to augment Egypt’s payment systems infrastructure, promote financial inclusion and strengthen the regulatory framework.
The loan will also be used to expand the scope of financial technologies and strengthen the protection of financial services consumers.
The AMF is currently studying financing requests from other member countries in a bid to provide support swiftly so that the borrowing member countries can meet their financing needs and boost their financial positions.
The development bank supports the efforts of its member countries to implement economic and structural reforms through several means, including financing the needs of the balance of payments and public budgets.
Egypt is awaiting a review by the International Monetary Fund about a 46-month, $3 billion rescue program, though it may be dependent on the country enacting more wide-ranging reforms pledged in return.
