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FINANCIAL NEWS
Turkey pledges USD2b aid package to Egypt
16 Sep 2012
(MENAFN) Egypt’s finance minister, Mumtaz Al Saeed, announced that Turkey will provide his country with a USD2 billion aid, reported The Peninsula.
The amount, of which half would be in the form of bilateral loans, would be used to strengthen the country’s foreign currency reserves and shore up investment in infrastructure.
In August, the North African country has formally asked the International Monetary Fund (IMF) for a USD4.8 billion loan to boost its economy which deteriorated due to last year’s uprising.
It is worth noting that on September 6, Qatar has pledged USD2 billion in loans to support the Egyptian budget, and to invest USD18 billion in the country’s tourism and industrial projects over the coming 5 years.
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