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Egypt Moves Closer to IMF Loan With China Currency Swap Deal

  • Chinese government is processing the transaction: Official
  • Funds are key to win IMF board approval for $12 billion loan
Egyptian Pound
Photographer: Shawn Baldwin/Bloomberg
Updated on

Egypt has reached a currency swap agreement with China valued at $2.7 billion, moving closer to meet the terms required to clinch a $12 billion loan accord with the International Monetary Fund.

The agreement is being processed by the Chinese authorities, an Egyptian central bank official said Sunday, speaking on condition of anonymity. The official didn’t provide additional details on when the deal was reached, the terms or when the funds might arrive. There was no immediate comment from the People’s Bank of China.