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Egypt secures $616m loan to bolster banking reforms

AMF Egypt Reuters/Mohamed Abd El Ghany
The AMF is keen to continue the partnership with the Egyptian government to help it with structural and economic reforms

The Arab Monetary Fund (AMF) has extended a $615.8 million loan to Egypt to support the country’s reforms in the financial and banking sector.

The program focuses on raising the efficiency of the payment systems infrastructure, improving financial inclusion and sustainability and strengthening supervisory and regulatory framework in the financial and banking sector.

The AMF plays an essential role in strengthening the ability of Arab countries to maintain economic and financial stability in the face of different challenges, said Central Bank of Egypt governor Hassan Abdalla. 

Abdulrahman Al Hamidy, director general and chairman of the AMF, commended the Egyptian government’s economic and structural reforms, which he said “have contributed significantly to the development of its economy”.

He added that the AMF is keen to continue the partnership with the Egyptian government to help it address the different challenges effectively.

Established in 1976, the AMF includes 22 member countries.