Islamic Development Bank offers $ 270 million to finance oil, river transport

Egypt's Prime Minister Atef Ebeid yesterday witnessed the signing of several cooperation agreements between Egypt and the Islamic Development Bank (IDB).

The bank will loan US $ 270 million to projects in petroleum, home supply, river transport, and Al-Azhar Teaching Hospital.

IDB Chairman Ahmed Mohamed Ali signed the agreements with representatives of the Egyptian authorities concerned in the presence of ministers of finance, supply and home trade, and the chairman of the Capital Market Authority (CMA).

The IDB board of directors have approved a total finance package of US $ 1,250 billion for development projects in Egypt as part of IDB's continuing efforts to enable member countries to attain economic development and social progress of member countries.

"The agreements include funds for crude oil imports, US$ 100 million for wheat purchases from IDB member countries," Minister of Finance, Medhat Hassenein said after the signing ceremony.

"The agreement also includes the offer of $ 40 million to set up creel silos, US $ 7.5 million as an installment for the Development of Nile Navigation Project (Cairo-Aswan), and US $ 21.3 million as a loan for the construction of a teaching hospital at Al-Azhar University, Cairo," the Minister said.

IDB President, said that the bank is keen to enhance cooperation and give support for development projects in Egypt, which ranks first among the bank's founding members.

Finance Minister Medhat Hassenein and IDB President today will be open a seminar, "The role of the Islamic Institute in Securing Investment and Export Credit".

Hassenein said that the seminar will give Egyptian banks an insight into mechanisms to secure exports and the risks faced by many countries in this regard.

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