Egypt’s $12b IMF loan carries interest rate of 1.5-1.75%

Cairo: Egypt’s $12 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 on Sunday. 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, which is linked to an ambitious economic reform programme, and paid Egypt the first $2.75 billion instalment in November, but the full terms of the deal have yet to be published.