Egypt Receives $820 Million From IMF's Extended Fund Facility (EFF) Deal.

Africa Finance Review

Apr 22, 2024 — 1 min read

Egypt has secured $820 million as the second tranche of the International Monetary Fund's (IMF) loan program.

The country has been taking decisive measures to grow its economy, consistently reduce its debt-to-GDP ratio, and increase revenue through deals with some Middle Eastern investors.

Despite facing economic challenges similar to those experienced by other African nations, the Egyptian government has shown its determination to grow the economy through pro-business policies. This growth is reflected in the remarkable increase in foreign reserves, which has now grown to over $40 billion.

IMF and Mali Agree On $120 Million Rapid Credit Facility.

Mali recently reached a staff-level agreement with the International Monetary Fund (IMF) to obtain emergency financing through the Exogenous Shock Window of the Rapid Credit Facility (RCF). Why is this important: The agreement will provide Mali with $120 million (approximately 0.6% of GDP) to support its urgent balance-of-payments (BOP)

Morocco's OCP Group's $2 Billion Dual-Tranche Eurobond 3.1 Times Oversubscribed.

Afreximbank Secures $350 Million Trade Finance Commitments.

Ecobank Repays $500Million 5-Year Eurobond Debt.

Ecobank Transnational Incorporated (ETI) repaid a 5-year, $500 million Eurobond loan that matured last week. Why does this matter: Ecobank is a multinational banking conglomerate that operates locally in 33 African countries. The company's first international debt market entry was a $200 million bond issue, listed on the

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IMF and Mali Agree On $120 Million Rapid Credit Facility.

Morocco's OCP Group's $2 Billion Dual-Tranche Eurobond 3.1 Times Oversubscribed.

Afreximbank Secures $350 Million Trade Finance Commitments.

Ecobank Repays $500Million 5-Year Eurobond Debt.