$400 million European loan for Egypt

The European Investment Bank decided to present an easy loan of $400 million to Egypt to be used in production projects for export.

Negotiations are currently being held to choose the Egyptian banks to present this loan to the Egyptian businessmen.

A statement issued by the European commissariat in Cairo said the interest rate of this loan will be 9% with an increase of 4% over the prevailing price in banks without governmental guarantees.