Egypt has received a new loan from the Arab Monetary Fund (AMF) worth 153.475 million Arab Accounting Dinars (AAD), which is equivalent to around $615.8 million. This loan was granted under the Structural Adjustment Facility for the Financial and Banking Sector.
The purpose of the loan is to aid a reform program that seeks to improve the effectiveness of the financial and banking sector in Egypt.
Read more: Egypt’s hard currency liquidity crisis forces extreme measures for banks
In addition, the loan-supported program comprises multiple components. Its goals include enhancing payment systems infrastructure, promoting financial inclusion and sustainability, and reinforcing regulatory frameworks. The program also aims to expand financial technologies and strengthen the protection of financial services consumers.
The AMF has reported that its total loans to Member States reached roughly $11.4 billion from its establishment in 1978 until the conclusion of 2022.
$10 trillion
US investment bank Goldman Sachs forecasts that Egypt’s economy will grow and reach seventh place in the world. According to the report, Egypt will surpass all European economies with a GDP exceeding $10 trillion.
Furthermore, in its report on Egypt’s economy in May, Fitch Credit Ratings expected that the economy of Egypt would double from approximately 8.5 trillion pounds to 16 trillion pounds within the next three years.
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