Egypt’s Central Bank is bolstering the country’s foreign reserves by securing $2bn in international funding, hours before the International Monetary Fund’s board meets to approve Egypt’s $12 IMF billion loan.
The bank said on Thursday that a “consortium of international banks” had agreed to purchase $2bn worth of newly issued sovereign bonds with maturity dates ranging from December 2017 to November 2028. The bonds are listed on the Irish stock exchange.
A Central Bank statement said the transaction “represents a strong vote of confidence from the financial markets” in Egypt’s future.
