Egypt’s Cabinet approves plan to increase Arab Monetary Fund’s capital

Egypt’s Cabinet on Tuesday approved a draft presidential decree endorsing a decision by the Arab Monetary Fund (AMF) to increase its capital and amend key provisions of its founding agreement.

The decision clears the way for Egypt to raise its contribution to the regional lender, in line with a 2024 resolution adopted by the fund’s board of governors that also revises several articles of its articles of agreement.

The government said the move reflects Egypt’s long-standing role in supporting Arab financial institutions, particularly the AMF, which has provided financial and technical assistance to member states since its establishment in the 1970s.

The proposed capital increase would allow Egypt to expand its access to the fund’s resources if needed, with the Cabinet noting that the fund’s financing facilities offer more favourable terms than those typically available from other regional and international lenders.

Attribution: Amwal Al Ghad English