Loans from Islamic Development Bank to boost Egyptian economy
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.
- 2014 in three words: deflation and lower returns
- How fear can be a good force in the workplace
- Housing and education costs eating away Dubai's tax-free benefits
- With World Cup under its sleeve, Qatar comes fourth in global slavery index
- The quiet overachiever: Is Oman going to do better than its GCC peers in 2015?