Mubasher: The Banque de France and the International Monetary Fund (IMF) have signed a contract with the aim of funding nations suffering from low income. 

The two bodies approved to a loan of $2.9 billion, which will be used to fund member countries under the Poverty Reduction and Growth Trust (PRGT).

The deal, jointly provided by Banque de France, also known as the Central Bank of France, had originally come into effect on 1 February 2018, the IMF said in a statement released late Wednesday.

This loan is considered France’s sixth loan to support the PRGT member states. It also makes France one of the largest contributors to PRGT loans.

“France’s continued support of the PRGT in loan resources for the IMF’s low-income member countries is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term,” the IMF concluded.