Egypt plans to renew $2B agreement with international banks

CAIRO- 18 October 2017: Egypt plans to renew a two-billion-dollar agreement with international banks for an extra year to maintain Egypt’s foreign reserves, Finance Minister Amr el Garhy said.

During a meeting with a number of investors in New York city on Tuesday, Garhy said the original two-billion-dollar repurchase agreement was signed in November 2016.

“Currently, Egypt is carrying out an economic reform program in cooperation with the International Monetary Fund following a wave of political and economic turmoil, which hit the country since 2011,” he said.

Meanwhile, Garhy praised efforts exerted by the Central Bank of Egypt to support the interest rate, a measure which lured foreign investors to pump more investments into the Egyptian market.

Egypt desires to issue three-billion-dollar bonds at the beginning of 2018 in addition to euro-denominated bonds worth one billion euros, he added.

Garhy further denied the government’s desire to increase the Value Added Tax rate from the current 14 percent.

Original Post: Egypt Today

Author : MENA

About the author: Thomas Yates

After finishing his Business Management degree Tom was looking to join a progressive company where he had the opportunity to have his own ideas listened to and implemented. It was a case of being in the right place at the right time as Rivermead Global were looking at taking somebody on and in 2009 Tom joined the company. If you are looking at buying a property in Egypt or Turkey you have come to the right people. Read our Ultimate Guide To Buying Property In Hurghada