The International Monetary Fund announced the deliverance of USD 1.6 billion to the country, concluding a USD 5.2 billion agreement. The organization reemphasized the sound prospects for the Egyptian economy, expected to grow 2.8% in the current fiscal year and 5.2% in the next.
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The amount will support the development of a social safety net for poor and vulnerable households.
The country’s Central Bank has put in place a string of measures to enable more access to credit and refinancing during the coronavirus crisis.
The funds will go into pest control modernization and restructuring of animal and plant health services over the next five years, with most of the cash coming from the IDB.
Fund allowed Egypt to draw USD 2 billion, the fifth part of the USD 12 billion agreement signed in 2016. IMF acting managing director praised the reforms made by the country.
World Bank resources will finance reforms, balance the budget, and boost growth and job creation in the country, which suffers from the high cost of energy and a large inflow of Syrian refugees.
Brazil’s BNDES saw BRL 6.7 billion in net profit last year, driven by equity portfolio.
The institution announced a new loan program. The primary focus will be on promoting small businesses, which account for most of the jobs in the country.
The credit rating agency changed its outlook on the Arab country’s rating from stable to positive, mainly a result of advances made in reforms.
