Arab Monetary Fund okays loan to Egyptian SMEs

The Arab Monetary Fund approved extending a loan to Egypt to support creating a suitable climate for establishing small- and medium-sized enterprises (SMEs).

The decision was taken during the 187th meeting of the fund’s Board of Directors that was held at the fund’s headquarters in Abu Dhabi. The meeting was chaired by Abdulrahman A. Al Hamidy, Chairman of the Board of the fund.

The meeting also dealt with the new loans that the fund has offered to its member states to support economic and structural reforms aiming at achieving comprehensive and sustainable growth.

The meeting also discussed the fund’s latest investment activities in the financial markets around the world and the fund’s measures taken to implement its strategy in investment domain.

The meeting also took up efforts aiming at developing financial sector in the Arab countries through initiatives adopted by the fund.

The fund’s main objectives are to correct and balance the payment of its member states, remove payment restrictions between members, improve Arab monetary cooperation, encourage the development of Arab financial markets and to facilitate and promote trade between member states.