IMF: Egypt’s agreement will catalyse additional funding of $14 billion

The International Monetary Fund (IMF) will catalyse additional funding of about $14 billion from Egypt’s regional and international partners as its executive board approved on Friday a 46-month $3 billion financial support package.

“Over the course of the programme, the EFF is expected to catalyse additional financing of about $14 billion from Egypt’s international and regional partners, including new financing from GCC countries and other partners through the ongoing divestment of state-owned assets as well as traditional forms of financing from multilateral and bilateral creditors.” the Fund said in a statement.

The Egyptian authorities have also requested access under the Resilience and Sustainability Facility (RSF), which could provide up to an additional SDR 1 billion to support climate-related policy goals. Discussions are expected to take place in the context of future EFF reviews, the IMF added.