IDB to give Egypt USD1b loan for food, energy imports

02 Jul 2012

(MENAFN) The Islamic Development Bank (IDB) agreed to award Egypt a USD1 billion loan to help fund energy and food imports, Reuters reported.

The Egyptian government said the agreement with the International Islamic Trade Finance Corporation, part of the IDB, was signed in Cairo by Waleed Abdul Mohsen al-Wohaib, chief executive of the institution, and Egypt’s international cooperation minister, Faiza Abu el-Naga.

The government said also that the credit facility was part of a previously announced agreement to provide Egypt with USD2.5 billion.

A new government being formed by elected President Mohamed Mursi is moving to secure funding to fill a gap left by an exodus of foreign investors and tourists in the wake of last years public revolution.

The cash-strapped nation is facing borrowing costs at historic highs and a pile of short-term debt, which rose since the uprising, due in the second half of 2012.

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