The Arab Monetary Fund (AMF) said on Sunday it was arranging a $65 million credit facility for Egypt to help the country trade with other Arab states, as political instability threatens Cairo with a balance of payments crisis.
The credit line will be extended through a trade financing programme run by the AMF, central banks and other financial institutions in the region, said the AMF, a multilateral lending body with 22 member countries.
Egypt's balance of payments deficit ballooned to $11 billion in the first nine months of its 2011-2012 fiscal year, more than double year-ago levels, as inflows of capital largely dried up.