Reuters: Egypt will take in $ 3 billion loan to finance sustainable projects

Three sources said Egypt is close to obtaining a $ 3 billion loan to use part of it to finance sustainable projects, as the country tries to recover from the decline in tourism during the “Covid-19” pandemic.

One of the sources said the loan, organized by Emirates NBD and First Abu Dhabi Bank, follows the repayment of a $ 2 billion line of credit at the beginning of questyear that Egypt took in loan last year.

At the end of August 2021, the Egyptian Ministry of Finance signed the first conventional and Islamic financing instrument, worth two billion dollars, with the aim of financing the general state budget and supporting the Egyptian economy. Which helps to keep its way strong in the face of the prevailing fluctuations in global markets.

Egypt sold $ 3 billion in three tranches of bonds last September and reduced yields on all tranches after attracting more than $ 8.25 billion in requests for its second bond sale in 2021.

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