The Arab Monetary Fund lends Egypt $615.8 million

The Arab Monetary Fund concluded an agreement to provide a new loan to Egypt, amounting to about $616 million, with the aim of providing financial resources to support a reform program that enhances the efficiency of the Egyptian financial and banking sector, according to a statement on Friday.

 The fund said that the loan agreement was concluded last Tuesday, and it was signed by Hassan Abdullah, Governor of the Central Bank of Egypt, on behalf of Egypt, and on behalf of the fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, general manager and chairman of the fund’s board of directors.

 Hassan Abdullah, Governor of the Central Bank of Egypt, expressed his appreciation for the support provided by the fund and the important role it plays in strengthening the ability of Arab countries to maintain economic and financial stability and to face various challenges.

loan-supported program

According to the statement, the loan-supported program includes a number of axes, represented by enhancing the safety and raising the efficiency of the infrastructure of payment systems in the Egyptian financial and banking sector, enhancing financial inclusion and sustainability, strengthening the framework of control and supervision of the financial and banking sector, and expanding the scope of reliance on technologies in providing financing and financial services. and strengthening the protection of consumers of financial services.

For his part, the Director General of the Fund appreciated the efforts of the Egyptian government in implementing economic and structural reforms that contribute significantly to the development of the Egyptian economy and the creation of a favorable environment for the local and foreign business sector, stressing the Fund's keenness to continue the fruitful partnership with the Egyptian government to provide the most effective ways to face various challenges.

In this regard, Ahmed Moaty, an economist, said that solving problems in the banking or financial sector encourages investors to increase investments. The economist gave an example of "InstaPay", which recently facilitated the transfer and became widely used by investors.

Arab Monetary Fund

He Pointing out that the debts of the United States of America are greater than their production, in addition to that Japan is one of the largest debtors in the world, and therefore all countries of the world take loans for the purpose of development, and it would not be pleasant if the debt ratio decreased in exchange for weak development.

he added that the loan comes from the Arab Monetary Fund, not the International, which means that we diversify the sources of loans and do not depend on one person, explaining that Egypt is a member of the Arab Monetary Fund.

It is noteworthy that the Arab Monetary Fund is a regional Arab financial institution that was established in 1976 and began its activities in 1977. The number of its member states is 22 Arab countries, which are Jordan, UAE, Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan, Syria, Somalia , Iraq, Oman, Palestine, Qatar, the United Comoros, Kuwait, Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen.