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Egypt Signs Expanded $3.1 Billion Funding Deal With Lenders

  • Deal size raised from $2 billion that was agreed last year
  • Egypt reserves have increased to $37 billion since pound float
Updated on

Egypt signed an expanded $3.1 billion financing deal with foreign banks as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018.

The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion and extended for another year, the Central Bank of Egypt said in a statement. Governor Tarek Amer had said on Monday the new deal size was $3.2 billion. Egypt repaid the $2 billion from the old deal on Nov. 9.