Loans from Islamic Development Bank to boost Egyptian economy

The Islamic Development Bank has signed agreements topping $388 million with Egypt

Islamic Development Bank President Dr. Ahmed Muhammad Ali yesterday signed a number of loan agreements worth more than $388 million with Egyptian officials.

IDB will give $250 million to finance a 1,950-megawatt electricity station in the country's south, an official statement said.

The new power plant will eventually be linked to Egypt's national electricity grid, with additional stations to soon be constructed.

The ministry received an initial $200 million loan for the project from the IDB last summer.

IDB will give $50 million to support small and medium enterprises in the country and $32.3 million to finance a national agricultural development program.

The bank signed a $31 million deal to finance a learning hospital at Al-Azhar University and a $25 million loan deal to support a youth training program.

Since its inception, IDB has given more than $8 billion to finance 66 projects in the country and $3.5 billion to finance trade.