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IDB to expand portfolio of borrowings to Egypt

Business Materials 17 January 2013 16:50
The Islamic Development Bank (IDB) will provide a loan of $388 million to Egypt for the development of the country’s infrastructure, the Bank’s website reported on Thursday.

Azerbaijan, Baku, Jan.17 / Trend, A.Taghiyeva /

The Islamic Development Bank (IDB) will provide a loan of $388 million to Egypt for the development of the country's infrastructure, the Bank's website reported on Thursday.

Some $250 million of the amount will be provided in order to install three 650 MW steam power units to meet rising electricity demand in the country.

The agreement now puts the figure of the IDB's contribution to the project at $450 million.
Egypt, which faces economic difficulties in the wake of its spring 2011 revolutionary events, has also been in talks for IMF loans since early 2012. In late November, Cairo and the IMF agreed on a support plan for Egypt's economic development program for the amount of $4.8 billion.

In addition, in October 2012 an agreement was signed with the World Bank on providing a $1 billion loan to Egypt to carry out financial and economic reforms in the country.

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