CAIRO (Reuters) – Egypt’s $12 billion three-year loan programme from the International Monetary Fund carries an interest rate of 1.5 to 1.75 percent, Finance Minister Amr El Garhy said on Sunday.

He said at a news conference that each tranche of the loan would be repaid within 10 years of disbursement with a 4.5 year grace period.

The IMF approved the loan, which is linked to an ambitious economic reform programme, and paid Egypt the first $2.75 billion installment in November, but the full terms of the deal have yet to be published.

(Reporting by Asma Al Sharif and Lin Noueihed; Editing by Catherine Evans)