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Cairo Gets Loan to Buffer Debt Caused by Covid-19

Egypt has signed a $2 billion conventional and Islamic loan with several international and regional banks in a deal coordinated by two UAE lenders, Emirates NBD Capital and First Abu Dhabi Bank. A parliamentary document obtained by Reuters showed Egypt initialized the deal with Emirates NBD and FAD in July to obtain a one-year, $2 billion loan in two tranches to close the gap in its 2020/21 budget wrought by the COVID-19 pandemic. The first tranche is a conventional facility of $1.490 billion and the second an Islamic facility of $510 million, the document added.