Egypt to repay each tranche of proposed $12 bln IMF loan over five years

Egypt must repay each tranche of any loan it receives from the International Monetary Fund over five years, including a grace period of three and a quarter years, deputy finance minister Ahmed Kojak told Reuters on Thursday.

“Each tranche we receive must be repaid over five years, including a three and a quarter year grace period,” Kojak said.

Egypt announced on Tuesday it was in the final stages of negotiations with the IMF for $4 billion a year over three years and also expects to issue eurobonds worth $2 billion to $3 billion in September or October.

Source: Reuters