The Egyptian government and Central Bank are expected to discuss ways to obtain the new financing via Resilience and Sustainability Facility (RST) recently approved by the International Monetary Fund (IMF), and to agree on the mechanisms and tranches for its transfer to Egypt.
The discussions are anticipated during their participation in the spring meetings of the International Monetary Fund and the World Bank in Washington, D.C.
The new financing, amounting to US$1.3 billion, is scheduled to be directed to address the effects of climate change.
Informed sources said the new loan features favorable interest rates, a grace period, and repayment term.
The ministers of finance, planning, economic development, and international cooperation, investment and foreign trade, the governor of the Central Bank of Egypt, and deputy ministers are expected to participate in Egypt’s economic group during the discussions.
Egypt, IME to discuss details of RST new financing this week, sources Egypt Independent.
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