The Economic Affairs Committee of the House of Representatives released its report on a loan from the Arab Monetary Fund to the Central Bank of Egypt (CBE) that is worth $243m, which will be up for the vote on Tuesday.
Amr Al-Gohary, a member of the committee, noted that the committee will hold a meeting next Monday to discuss the CBE’s report on the recent loan and the loans obtained by the bank from the Arab Monetary Fund.
Daily News Egypt earlier revealed that the CBE will receive a loan of $243m under an agreement with the Arab Monetary Fund with an interest rate of 1.2% and a 0.25% service fee on the first instalment of the loan. The loan will be paid off 18 months after it is received.
Egypt has obtained loans from the Arab Monetary Fund worth $1.6bn through 13 loan agreements since the bank’s foundation in the 1970s. The total loans provided by the fund to its members amount to $8.2bn.
He said they asked Gamal Negm, deputy governor of the CBE, last week to clarify if Egypt had repaid the loans that amount to $1.6bn and he promised to respond on Monday. The report on the loan will be presented to the presidency and the House of Representatives.
Cash reserves increased during April 2016 in the CBE to $17.01bn, an increase of $449m compared to March.