Egypt deals with financial facilties to positively affect hard currency reserves

Economic deals which Egypt is scheduled to sign with financial facilities, like the World Bank and the African Development Bank, will positively affect its hard currency reserves, Egyptian Prime Minister Sherif Ismail said.

In statements to reporters on Saturday, he said Egypt seeks to get a WB loan to up its hard currency reserves.

He noted that Egypt has not so far held loan negotiations with the International Monetary Fund.

He said the dollar is stable now, urging Egyptians to encourage Egyptian products to import only urgent and staple products.

On December 2, the International Finance Corporation (IFC), a member of the World Bank Group, and Al Baraka Bank in Egypt, have joined forces to expand the availability of trade finance for Egyptian importers to help spur economic growth and create jobs.

Under an agreement, Al Baraka Bank becomes the third Egyptian bank, and the first Islamic bank in the country, to join IFC’s Global Trade Finance Program (GTFP).

According to official figures, Egypt spends up to $60 billion on imports. In fiscal 2015, IFC’s GTFP committed over 1 billion dollars in the Middle East and North Africa region and over dlrs 6 billion around the world.