Prime Minister: We can negotiate with IMF for additional loan regarding environmental sustainability of about $1.2 bn

Mostafa Madbouly, the Prime Minister, said that agreeing to raise the value of the International Monetary Fund's funding programme would enable us to negotiate new loan of about $1.2 bn from the Environmental Sustainability Fund.

The Prime Minister added that following the signing of an agreement to raising Egypt's loans from the International Monetary Fund, loans would be made available to Egypt from the World Bank and the European Union, and other development partners would provide other loans to support the programme.

Those decisions came after the Central Bank of Egypt announced its decisions this morning to raise interest rates by 600 basis points equivalent to 6% to reach 27.25% levels.

The Central Bank also allowed today to move the exchange rate as the exchange rate in Egyptian banks rose to EGP 50.85, while the purchase rate recorded EGP 50.75.