Formally…the Worldwide Financial Fund agrees to pay Egypt $820 million

02:09 p.m

Tuesday, July 30, 2024

Manal Al-Masry wrote:

The Govt Board of the Worldwide Financial Fund formally accepted the fee of the third tranche value $820 million to Egypt at its assembly in the present day, based on an announcement despatched to it.

Egypt has the best to withdraw the worth of the mortgage after closing approval, thus getting about two billion {dollars} out of the whole mortgage that quantities to eight billion {dollars}.

Egypt acquired the primary and second tranches, which had been postponed from March and September 2023, final April after the top of the assessment of the financial reform program.

Subsequent September is the time for the fourth assessment of the financial reform program to repay the $1.27 billion portion of Egypt’s mortgage.