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”