Arab fund offers Egypt $150-million loan

Central Bank of Egypt (CBE) Governor Mahmoud Abul Oyoun returned home late Monday from Abu Dhabi wrapping up a two-day visit to the UAE where he held talks with officials in the Arab Fund and the UAE Central Bank.

On arrival, Abul Oyoun said he probed with the Arab Fund officials the latest procedures required for implementing a deal, by virtue of which the fund offers Egypt a $ 150 million loan.

"The loan, to be inked on December 25, will help Egypt's Central Bank to carry on with its structural reforms," Abul Oyoun said.

"It also reflects the Arab Fund's confidence in the Egyptian economy," he added.

"Talks also tackled means to strengthen ties between Egypt and UAE Central Bank," Abul Oyoun said.