Egypt is in talks on a financing package from China that could be worth as much as USD 2-4 bn, but the finance and international cooperation ministries are giving different tallies. Reuters puts the figure at USD 2 bn, citing remarks by Deputy Finance Minister for Treasury Mohamed Moeit, who said talks with China are to start next week. Fellow Deputy Finance Minister Ahmed Kouchouk says negotiations for the loan are already underway, suggesting the preliminary groundwork has already been laid. The officials did not disclose any other information regarding the agreement, with Kouchouk adding that “all the details are with the central bank.” The value of the package is an open question: International Cooperation Minister Sahar Nasr said the government is in talks over a USD 4 bn loan from China, with USD 1 bn to be used to prop up the CBE’s FX reserves, while the remainder will be directed towards developmental projects.

To date: China and Saudi Arabia contributed most of the USD 6 bn in funding Egypt had secured to unlock the IMF loan agreement, a government source tells Al Borsa. The World Bank and the UAE deposit last month each contributed USD 1 bn to the pot, the source added. “We’ve managed to secure USD 15 bn in funding, of which USD 5 bn actually went into the country last year,” Nasr said at yesterday’s Euromoney conference.