The Egyptian parliament should approve by vote today, Tuesday May 24, 2016, a loan agreement for $243 million, between the Central Bank of Egypt and the Arab monetary fund, local media revealed.

This loan from the Arab monetary fund will be paid back 18 months after it is received, with an interest rate of 1.2% and service fees of 0.25% on the loan’s first tranche. The purpose of the funding which is to be received by the Central Bank of Egypt is yet to be determined.

This loan adds to the $1.6 billion that Egypt borrowed from the Arab monetary fund after 13 agreements, since it was founded in the 1970s.

Also, to support its treasury reserves, the Central Bank of Egypt received in April 2016, around $2 billion from the United Arab Emirates, as deposits. These reserves, in April 2016, were at $17.01 billion, thus $449 million more than in March 2016.