Egypt expects to sign a $3.2 billion loan agreement with the International Monetary Fund (IMF) next month and will receive one-third of the funds immediately upon signing, Finance Minister Mumtaz al-Saeed was quoted on Sunday as saying.
The loan accord would be signed during a visit to Egypt in March by IMF regional director Masood Ahmed, al-Ahram newspaper quoted him as saying. Egypt would receive another one-third of the loan in three months and the final one-third in six months.
The loan, which has a interest rate of 1.2 percent, would be used to support the 2012/13 budget and to compensate for the depletion of Egypt's foreign reserves, al-Ahram quoted Saeed as saying.
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