Middle East Economic Survey
AMF Signs $470Mn Loan Agreement With Egypt
The Arab Monetary Fund (AMF) will lend Egypt $470mn to support the countrys budget deficit in 2011-12, under a loan agreement signed on 16 November. The first tranche of the loan for the amount of $200mn is expected to be disbursed in November and will carry interest at the rate of 1.4% after a period of grace of one and a half years. The second tranche for $270mn will be available to...