According to a report on the “Cairo 24” website, the Central Bank of Egypt and the Chinese Development Bank have come to terms under which the Egyptian side will get a $1.2 billion loan.
2017 saw the beginning of discussions between the Egyptian Central and the Chinese Development Bank on loans totaling more than $1 billion.
In 2016, the Central Bank of Egypt signed with its Chinese counterpart an agreement to exchange currency by between 2. 6 and 2.
This arrangement, worth $7 billion (18 billion yuan), played a significant part in boosting Egypt’s foreign exchange reserves.
The International Monetary Fund announced that an agreement was reached to grant Egypt a loan of 3 billion dollars, for a period of 6 months to finance the budget and provide financing for international partners.
The World Bank authorised a 400 million dollar loan to Egypt on October 3; this money will be used in numerous crucial carbon emission-related areas.
The World Entity Corporation predicted that the Egyptian economy will expand by 4. 4% this fiscal year, which is less than the 4. 8% growth predicted in July.
Source: Al -Masry “Cairo 24” website.
Egypt .. The Chinese Development Bank and the Central Bank enter into a loan deal for 1.2 billion dollars.
About Author
