Cairo, June 6 (IANS) The International Monetary Fund (IMF) has decided to lend Egypt $3 billion, Egyptian Finance Minister Samir Radwan said.
The IMF would grant the loan over 12 months for the fiscal year 2011-2012 starting this July, and the agreement is regarded as the corner stone of enhancing the country's economic growth, Xinhua reported.
Radwan said the interest rate for the loan would be 1.5 percent, which is lower than the usual rate of seven percent charged by the IMF. This was due to the market price and the situation in Egypt.
In a statement issued Sunday, the IMF said the loan was part of the international support pledge for Egypt in a bid to promote economic growth.
Egypt's economy deteriorated after massive anti-government protests toppled former president Hosni Mubarak in February.
Egypt would also receive loans worth $2.2 billion from the World Bank.