Cairo – Mubasher: Egypt has attracted more than $120 billion in investments in different economic activities following the signing of the International Monetary Fund’s (IMF) agreement at the end of 2016.

Drawing back cash inflows from abroad was almost impossible as foreign investors were reluctant to lend the most Arab populous country, Alborsa News reported, citing the governor of the Central Bank of Egypt (CBE).

Egypt had signed a $12 billion Extended Fund Facility (EFF) with the IMF two years ago to finance the country’s economic reform programme, upon which it already received $8 billion.

The North African nation has raised over $38 billion in investments in Egyptian securities, including $13 billion from Eurobonds, as well as treasury bills and capital market, Tarek Amer highlighted.

He indicated that the volume of debt is not concerning as most of them are long-term debts for more than 30 years.

Moreover, the currency swap agreement with China will be renewed by $2.7 billion in December, Amer pointed out, adding that loans and deposits from the UAE, Saudi Arabia, and Kuwait have been renewed by over $5 billion.