Egypt is looking to borrow some $2.5 billion to ease economic pressure, and in this regard is talking to regional and international banks for support.
According to media reports, the north African country is in talks with First Abu Dhabi Bank and Abu Dhabi Commercial Bank.
The borrowing is expected to be priced at around 400 basis points over the three-month secured overnight financing rate.
Egypt is seeking to garner $41 billion to pay for its current account deficit and maturing debt by the end of 2023.
The African country needs to urgently secure more foreign currency in its $400 billion economy to plug gaping deficits.
The world’s largest wheat importer has been hit hard by the soaring oil and commodity prices, and by the loss of tourists from Russia and Ukraine, leading to pressure on the country and pushing it to seek International Monetary Fund assistance.
Egypt has also secured financing from the Gulf, with Saudi Arabia, the UAE and Qatar pledging more than $22 billion in deposits and investments in the struggling economy.
The Saudi Egyptian Investment Co., a company wholly owned by the Public Investment Fund, acquired minority stakes in four Egyptian companies for $1.3 billion earlier this week.