Cash-Tight Egypt Gets $616 Million Loan From Arab Monetary Fund
A person counts Egyptian pounds banknotes in Cairo, Egypt.
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The Arab Monetary Fund is extending a $616 million loan to Egypt to help improve the efficiency of the cash-strapped North African nation’s financial and banking sectors.
The AMF, a regional development body dedicated to providing financial stability in member nations, said the agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in the North African country, according to a statement Friday.