The Arab Monetary Fund (AMF) has extended a new loan to Egypt, with the amount of AAD153.475m, the equivalent of approximately $615.8m, within the framework of the Structural Adjustment Facility in the Financial and Banking Sector. The agreement was signed by Hassan Abdalla, Governor of the Central Bank of Egypt, on behalf of Egypt, and Abdulrahman A. Al Hamidy, Director General of the AMF, on behalf of the AMF. The loan supports a reform program aiming at enhancing the efficiency of the financial and banking sector in Egypt. On this occasion, the Governor of the Central Bank of Egypt expressed his appreciation for the AMF’s continued support and the important role it plays in strengthening the ability of Arab countries to maintain economic and financial stability and face different challenges. The programme supported by the aforementioned loan includes a number of pillars enhancing the soundness and raising the efficiency of the payment systems infrastructure, enhancing financial inclusion and sustainability, strengthening the supervisory and regulatory framework in the financial and banking sector, expanding the scope of financial technologies and strengthening the protection of financial services consumers.

Source: Daily News Egypt July 30, 2023 12:54 UTC