Egypt secures $2bn ahead of IMF bailout

2016-11-11 11:16
(iStock)

(iStock)

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Cairo - Egypt's Central Bank is bolstering the country's foreign reserves by securing $2bn in international funding, hours before the International Monetary Fund's board meets to approve Egypt's $12 IMF billion loan.

The bank said on Thursday that a "consortium of international banks" had agreed to purchase $2bn worth of newly issued sovereign bonds with maturity dates ranging from December 2017 to November 2028. The bonds are listed on the Irish stock exchange.

A Central Bank statement said the transaction "represents a strong vote of confidence from the financial markets" in Egypt's future.

Read more on:    imf  |  egypt  |  north africa
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