FEDCOC supports Egypt-IMF talks on $12bn loan; head says

Federation of Egyptian Chambers of Commerce (FEDCOC) supports Cabinet’s talks with the International Monetary Fund (IMF) over a $12 billion loan for government’s reform programme, federation chairman stated.

Ahmed El-Wakeel stated Tuesday that the ideas that the loan would allow the IMF and foreign countries to control Egypt are totally wrong.

He made these remarks during a press conference held in the FEDCOC on Tuesday to showcase its view about current economic situations in Egypt.

The chairman said the loan approves that Egyptian economy has a credit reliability besides being able to pay the dues and attract more investors as the loan is an indicator for any international investor to pump his investments into Egypt safely.

Moreover, El-Wakeel noted that the loan would facilitate getting another loans from any global organisations or banks.