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FINANCIAL NEWS
Egypt granted USD388m IDB loans
17 Jan 2013
(MENAFN) The Islamic Development Bank (IDB) has granted Egypt USD388 million worth of loans to shore up its economy, reported Arab News.
According to an official statement, the bank has inked a USD250 million agreement with the Ministry of Electricity and Energy to fund the 1,950-megawatt electricity plant in the south of the country.
The statement said that eventually, the station will be connected to Egypt’s national power grid, with more stations to be established soon.
Furthermore, the country will receive USD50 million form the IDB to prop up small and medium enterprises (SMEs), in addition to USD32.2 million to fund an agricultural development program.
The bank has also inked a USD25 million loan agreement to finance a youth training program, and a USD31 million loan deal to finance a medical college hospital at Al-Azhar University.
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