IDB loans Egypt $270 million to boost oil and agriculture
The Islamic Development Bank (IDB) will provide the government of Egypt with $270 million in concessional loans for the development of a series of oil, transport, agricultural and service projects, reported Al-Alam Al-Youm.
A concessional loan is a provision of funds by a donor which conveys a minimum 25 percent grant element, qualifying it as an Official Development Assistance (ODA) transaction. Some $100 million of the funds will be injected into oil imports and another $100 million will be used for purchasing wheat from IDB member countries.
The bank will establish new grain silos worth $40 million for the North African state and will contribute $7.5 million to the development of navigational watercourse of the Nile River from Cairo to Aswan. The remaining $22 million will be directed to the Al0Azhar University Hospital.
The IDB has provided 1.25 billion dollars to Egypt since it was founded, The bank consists of 53 member-countries, with each country being a member of the Organization of the Islamic Conference. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah Law. — (menareport.com)
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