Egyptian Finance Minister Amr El-Garhy says he expects a financing agreement with a consortium of global banks will be renewed for another year, according to Reuters.

“The government is aiming to boost foreign reserves while implementing economic reforms,” Al-Garhy says. “It is a joint decision between us the Ministry of Finance and the Central Bank and I believe they too will agree,” he adds.

The statement comes on the sidelines of a New York investor luncheon sponsored by the American Chamber of Commerce in Egypt.