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Tuesday, 23 August 2016

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal - Bloomberg

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal - Bloomberg:

"The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund.
Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor, the U.A.E.’s state-run WAM news agency reported, without saying whether the money has arrived in Cairo.
Egyptian central bank officials didn’t immediately answer calls and messages seeking comment."



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