Business news feedEgypt's $12 bln IMF loan carries interest rate of 1.5-1.75 pct -fin min

Sat,18Nov2017

Posted on Sunday, 15 January 2017 09:36

Egypt's $12 bln IMF loan carries interest rate of 1.5-1.75 pct -fin min

January 15, 2017, 11:36 am

CAIRO (Reuters) - Egypt's $12 billion three-year loan programme from the International Monetary Fund carries an interest rate of 1.5 to 1.75 percent, Finance Minister Amr El Garhy said on Sunday. He said at a news conference that each tranche of the loan would be repaid within 10 years of disbursement with a 4.5 year grace period. The IMF approved the loan, which is linked to an ambitious economic reform programme, and paid Egypt the first $2.75 billion installment in November, but the full terms of the deal have yet to be published.(Reporting by Asma Al Sharif and Lin Noueihed; Editing by Catherine Evans)



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