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
