Egypt obtains pledges worth $16.3bn for financing economic reforms during FY 2016/2017

Hossam Mounir
1 Min Read
Governor of the Central Bank of Egypt (CBE), Tarek Amer

Egypt has received pledges from several external financial parties and countries worth $16.3bn to finance its economic reform programme during the 2016/2017 fiscal year, according to Tarek Amer, the governor of the Central Bank of Egypt (CBE).

Amer said that those countries include seven leading industrial countries and Arab countries, in addition to the International Monetary Fund (IMF).

He said that Egypt is expected to issue bonds in international markets at a value between $3-5bn, after obtaining the IMF’s approval on lending Egypt $12bn for a three-year period.

He expected that Egypt will submit a formal request to the fund during the next few days.

On Thursday, the CBE decided to float the Egyptian pound, with a guidance rate of EGP 13 to the US dollar.


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