Egypt reaches agreement with IMF
Egypt has reached an initial agreement with the International Monetary Fund's technical team, currently visiting Cairo, for a $4.8 billion loan, Egyptian Planning and International Cooperation Minister Ashraf El-Arabi announced Tuesday.
The loan proposal will be presented to the IMF's board of directors for final approval in December, El-Arabi was quoted as saying by state news agency MENA.
Details of the agreement will be unveiled Wednesday after they are presented to Egypt's cabinet, El-Arabi added.
- Why India is likely to re-emerge as the UAE's top trade partner
- What's really attracting high net worth individuals to living in the UAE?
- Forbes Middle East reveals names region's 200 most powerful women
- Presidential vacuum, Syrian crisis leaves Lebanon's business leaders more than worried
- Oil wells, taxes, and scare tactics: how the IS has been making money all this time