Arab Monetary Fund provides $615.8mln to support Egypt’s financial sector

The Arab Monetary Fund (AMF) has extended a new loan to Egypt of 153.475 million Arabic dinars ($615.8 million) to support financial resources within reform programme that enhances the efficiency of Egypt’s financial and banking sector.

The agreement was signed by Hassan Abdalla, Governor of the Central Bank of Egypt (CBE) and Abdulrahman A. Al Hamidy, General Director of the AMF, according to AMF’s statement on Saturday.

The programme supported by the aforementioned loan includes a number of pillars enhancing the soundness and raising the efficiency of the payment systems infrastructure and improving financial inclusion and sustainability.

It also strengthening the supervisory and regulatory framework in the financial and banking sector, expanding the scope of financial technologies and reinforcing the protection of financial services consumers.

Abdallah expressed his appreciation for the AMF’s continued support and the important role it plays in strengthening the ability of Arab countries to maintain economic and financial stability and face different challenges.