Back to the complete issue
Sunday, 30 January 2022

We’re getting a fresh USD 368 mn loan from the AMF

Egypt will receive a USD 368 mn loan from the Arab Monetary Fund (AMF) to help strengthen its financial position and meet “emergency needs” amid challenges caused by the ongoing pandemic, the fund announced in a statement yesterday. The loan agreement, which was signed last Wednesday, comes as part of the fund’s support for member countries’ “reform efforts” and measures taken to “stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.”

The facility comes on the heels of several others geared towards fueling Egypt’s post-covid economic recovery, including two matching USD 360 mn facilities from the Asian Infrastructure Investment Bank (AIIB) and the World Bank last year. The International Monetary Fund also lent Egypt USD 8 bn to help cover a balance of payments shortfall and finance the budget deficit at the pandemic’s outset in 2020.

And it’s not the first time the AMF has lent to us: Egypt last summer received the second tranche of a USD 639 mn loan from the AMF, which it provided under its Structural Adjustment Facility to help us improve our fiscal position. Including the most recent facility, the AMF has provided Egypt with a total of 15 loans by our count, worth an estimated USD 2.6 bn.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.