IMF To Lend Egypt US$ 3.2 Bln At 1% Interest

The International Monetary Fund is prepared to lend Egypt $3.2 billion at a reduced interest rate of 1 percent, Khairat el-Shater said.

The Muslim Brotherhood’s chief strategist who was knocked out of the May race on electoral-law technicalities said the offer came when IMF officials met with his group during a visit to Egypt earlier this month.

He also said the U.S. deputy secretary of state had agreed to back Islamic bonds issued by Egypt abroad, Bloomberg reported.