ICEC

UAE to provide Egypt central bank with six-year $1 bln deposit: agency

The United Arab Emirates has agreed to provide Egypt’s central bank with a $1 billion deposit for a duration of six years, the United Arab Emirates’ official state news agency WAM revealed Monday.

Egypt this month signed a preliminary deal with the International Monetary Fund (IMF) for a $12 billion lending programme contingent upon the government securing $5-6 billion in bilateral financing for the first year.

Source: Reuters

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