Egypt. Central Bank signs an agreement with the China Development Bank for a loan of 1.2 billion dollars

Cairo 24 reported that the Central Bank of Egypt has reached an agreement with the China Development Bank, according to which the Egyptian side will receive a loan of $1.2 billion.

Egypt’s central bank began talks with the China Development Bank in 2017 for more than $1 billion in loans.

In 2016, the Central Bank of Egypt and its Chinese counterpart signed a currency exchange agreement worth between $2.6 billion and $2.7 billion, equivalent to 18 billion yuan, and this agreement played an important role in boosting Egypt’s foreign exchange reserves.

The International Monetary Fund has announced an agreement to provide Egypt with a loan of $3 billion for a period of 6 months to finance the budget and provide financing to international partners.

On October 3, the World Bank approved a $400 million loan to Egypt that will target several vital carbon emission areas.

The international lending institution was expecting Egypt’s economy to grow by 4.4% in the current financial year, compared with the previous forecast published in July last year, which was 4.8%.

Source: Egyptian site “Cairo 24”