CBE Governor: Loans of WB, AFDB to be used to meet state's financial commitments

Governor of the Central Bank of Egypt (CBE) Tarek Amer said the two loans Egypt recently received from the World Bank and the African Development Bank (AFDB) would be used to meet the state's financial commitments, noting that the sum would not be added to Egypt's foreign reserves.

In statements to MENA, Amer said the dlrs 1.5 billion that Egypt took as two separate loans from the two banks would be allocated to import fuels, liquefied natural gas, operate and maintain power plants and to pay the government's debts.

The two loans have nothing to do with Egypt's foreign reserves, he added.

Egypt, over the past days, received a billion-dollar loan from the World Bank in addition to a dlrs 500-million loan from the African Bank.

The CBE succeeded to provide more than dlrs 15 billion in 2016 to import strategic commodities, meet the state's financial commitments and pay the government's debts, he noted.