Last Update 10:44
Sunday, 16 December 2018

Egypt signs financing agreement worth $3.1 bln with international lenders

Ahram Online , Tuesday 14 Nov 2017
Central Bank of Egypt
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. (Reuters)
Views: 2270
Views: 2270

Egypt has signed a $3.1 billion funding deal with foreign banks as part of its efforts to increase foreign reserves, the Central Bank of Egypt said in a statement on Monday.

The repurchase transaction was signed on Monday with the same consortium of lenders from a deal signed last year, which includes Barclays Bank, Deutsche Bank, JP Morgan Securities and HSBC, the statement added.

Egypt repaid a total of $2 billion from the old agreement on 9 November.

The central bank said that Egypt received a total of $4.3 billion in bids for the repurchase transaction.

The bank said that this reflects "a vote of confidence by the international market in the success of the home-grown economic reform programme in the past year, as well as the ongoing commitment demonstrated by the Egyptian authorities in bolstering domestic economic and financial conditions." 

Egypt’s foreign reserves have been climbing since it floated the pound in November 2016 as part of an economic reform programme, hitting $36.703 billion at the end of October.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.