European investment bank extends two soft loans to Egypt
The European Investment Bank (EIB) offered Egypt two soft loans worth €150 million, reported Al-Hayat. The loans, which are the largest to date to be provided by the EIB to Egypt, will finance an electricity project in northern Cairo undertaken by the Egyptian Electricity Company.
Egyptian Minister Ahmad Al-Darsh confirmed that the Arab Economic and Social Development Fund also provided Egypt and the Islamic Development Bank provided Egypt $87.4 million and $41.5 loans respectively, in support of the same project.
Officials at the EIB said they are currently studying some requests to finance the Sharm Al-Shaikh and Hurghada airports, the second and third line of Cairo underground Metro and an East Cairo power station. — (Mena Report)
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