Azerbaijan, Baku, Sept. 15 / Trend R. Hafizoglu /
Turkey will allocate $2 billion to develop the Egyptian economy. The agreement was reached at a meeting of the Egyptian President's Adviser Essam El-Haddad with Turkish Deputy Prime Minister Ali Babacan, Sabah newspaper said on Saturday.
According to the newspaper, the investments will be made mainly in the development of Egypt's macroeconomics.
The development of economic relations between Egypt and Turkey was discussed during Egyptian Finance Minister Mumtaz al-Said's visit to Ankara.
After the revolution of 2011, the Arab Gulf countries and especially Saudi Arabia and Qatar, have pledged significant financial support to Egypt to change its social and economic areas. However, so far the Gulf monarchies' help to Cairo was limited by short term loans targeted mainly to allocate support for imports from these countries. These sums differed from those promised to Egypt.
During a visit to Egypt, U.S. Secretary of State Hillary Clinton said that Washington is ready to provide Cairo with $250 million to support small and medium enterprises.