Islamic Development Bank considers $10 billion funding for Egypt

Posted by on Jun 27th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

The Islamic Development Bank is considering a recent request by Egypt for $10 billion in funding for infrastructure development projects, to be provided over the

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next five years. On Monday, Egypt received a $300 million loan from the IDB to the Egyptian General Petroleum Corporation. The loan is part of a total $1 billion loan agreement signed by Egypt with the IDB in July of last year aimed at funding food and energy imports. Ahmed Mohamed Ali, head of the Islamic Development Bank Group reiterated the bank’s commitment to helping Egypt surmount its formidable economic challenges, having already granted it $6 billion in funds. Ali pledged to send an IDB team to Cairo to begin discussions on the requested $10 billion loan in September.

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