Egypt loan terms announced

Egypt’s

$12 billion (Dh44 billion) three-year loan programme from the International Monetary Fund carries an interest rate of 1.5 to 1.75 per cent, Finance Minister Amr Al Garhy said yesterday. He said at a news conference that each tranche of the loan would be repaid within 10 years of disbursement with a 4.5 year grace period. The IMF approved the loan and paid Egypt the first $2.75 billion instalment in November. (Reuters)