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Egypt to receive US$230 million from Japan to support budget

The Egyptian government has reached an agreement with Japan to receive funds of US$230 million to support the state’s budget, according to Finance Minister Mohamed Maait.

Maait made the announcement to Asharq Business on the sidelines of the special meeting for the World Economic Forum, currently being held over two days in the Saudi capital, Riyadh under the tagline “International Cooperation, Growth, and Energy for development.”

The financing agreement with Japan came after the recent completion of the agreement with the International Monetary Fund (IMF) to increase the value of the loan to Egypt, he explained.

At the end of March, the IMF Board approved the first and second reviews as part of the Extended Fund Facility for Egypt, and agreed to increase the value of the original program for the country by about five billion dollars, bringing the total to eight billion dollars.

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