By: Mahmoud Salah El-Din

Cairo-Mubasher: The House of Representatives approved a $243 million loan to be provided by the Arab Monetary Fund (AMF) to the Central Bank of Egypt (CBE), according to Ashraf El-Araby, a member of the Economic Affairs Committee.

The parliament’s decision came after the committee submitted a report regarding the loan, El-Araby added.

The loan will be paid off over three years through four equal biannual installments, with an 18-month grace period.

Egypt has signed 13 loan agreements worth $1.6 billion with the AMF since its establishment in the late 1970s.

On a similar note, the Egyptian Minister of International Cooperation Sahar Nasr agreed with the African Development Bank (AfDB) to receive a mission from 29 June to 5 July to start working on the second tranche of the $500 million loan, according to a statement.

Translated by: Julian Nabil