The Egyptian government intends to raise a loan of more than one billion dollars, as it addressed banks in the UAE to arrange the financing.

According to Reuters, well-informed sources said that Emirates NBD and First Abu Dhabi Bank are helping to arrange the loan and they have contacted other banks.

The Egyptian government, and neither bank has yet responded to a request for comment. The two sources requested not to be identified because the information is not public.

The financing plan coincides with the difficulties experienced by the Egyptian economy from the repercussions of the outbreak of the Corona virus, which affected the tourism and construction sectors.

Foreign reserves for Egypt decreased by one billion dollars in May, as the Coffid-19 crisis reduced some of the main sources of hard currency, especially tourism and remittances from workers abroad.