The Egyptian Ministry of Supply and Internal Trade recently signed a memorandum of understanding (MOU) with the Islamic Development Bank (IDB) and the National Investment Bank for a $104.6 million loan to build 50 new grain silos, reported Al-Ahram.
Some $45.7 million of the loan will be handed over to the ministry in foreign currencies, with remainder to be distributed in the form of the local pound. The first construction stage will consist of building 20 silos in 20 different Egyptian governorates.
IDB 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. The Bank's principal office is located in Jeddah, Saudi Arabia. — (menareport.com)
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