Egypt strikes deal for increased funding from global banks

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The Central Bank of Egypt has struck a new deal to enter into a repurchase transaction with a consortium of global banks, helping to bring in funds to support the country’s reform process.

The deal was originally arranged by HSBC, providing a $2 billion funding package to the central bank in November 2016, a key factor that helped unlock emergency support from the International Monetary Fund. HSBC won Central Banking’s award for innovation in reserve management for the transaction.

The funding

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