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FINANCIAL NEWS
Turkey agrees to lend Egypt USD1b
01 Oct 2012
(MENAFN) Turkey agreed to lend Egypt USD1 billion, half of the aid package Ankara promised Cairo earlier this month, Egypt’s state news agency (MENA) cited Egypt Finance Minister as saying.
The deal was signed during the visit of Egyptian President Mohamed Mursi to Turkey, in which he met with Turkish Prime Minister Recep Tayyip Erdogan.
Cash-strapped Egypt was struggling following the popular revolution that made investors and tourists, the two main sources of hard currency, flee the country. Egypt has been seeking to win back investor confidence in its economy.
Donations and loans from the International Monetary Fund, Gulf states and other countries have played a role in raising confidence.
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