Egypt’s central bank gets 900 million dollars from the China Development Bank under one billion dollars financing agreement signed last month, Central Bank Governor Tarek Amer.
On Monday, Amer said the 900 million dollars will raise Egypt’s dollar reserves to around 17.4 billion dollars.
Egypt, which relies mainly on imports, has been facing foreign exchange crisis since a popular uprise in 2011 which drove away tourists and investors, and major sources of hard currency.
Central bank Reserves tumbled to 16.48 billion dollars in January from around 36 billion dollars before the uprise.
Investment and aid deals worth billions of dollars were signed on Jan. 21 during a visit to Egypt by China’s President XI Jinping.
(Reuters/NAN)
(Reuters/NAN)
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