By Lora El-Narsh
The Arab Monetary Fund (AMF) will provide Egypt with a $339m loan, according to an AMF statement.
The loan was confirmed in an agreement signed on 13 September during the 39th session of the board of Governors at the Central Banks and Arab Monetary Institutions.
The loan aims to support a reform programme of Egypt’s financial and banking sector, and to strengthen financial aspects in order to reach a sustainable economy.
The agreement was signed between Central Bank of Egypt (CBE) Governor Hisham Ramez and the AMF’s Director General and Chairman of the Board, Abdulrahman Al-Hamidy. The AMF’s total funds provided to Egypt amounts to 13 loans, including the present loan, at a total value of $1.6bn.
Collaboration between the AMF and Egypt goes beyond simply financial aspects, as approximately 533 Egyptian trainees have participated in AMF-organised training programmes and workshops, covering a wide range of economic, banking, monetary and fiscal areas.
The AMF, along with international financial institutions, has provided technical assistance to Egypt to develop new payment and settlement systems, credit information systems and secured lending systems. It has also, in the meantime, been supporting the Egyptian government’s efforts to enhance financial inclusion.
During the session, discussions occurred on regional and international developments and their impact on Arab economies, with a report published this year on the developments in the Arab economy during 2014 also viewed.
The AMF is a regional organisation founded in 1976, formed of 22 countries. Its head office is located in the Emirate of Abu Dhabi.
