Abu Dhabi grants Egypt loan from Fund

The fund of the Arab trade finance program in Abu Dhabi has given Egypt a loan of US $20 million to finance business operations with other Arab states.

The fund, established by the Arab Ministry Fund in 1991, said 58% of the loan will be allotted to finance Egyptian trade operations, adding that it was offered through to an accord signed by the Egyptian al-Ahli bank in the name of the Egyptian government.

However, the Arab Monetary Fund owns half the capital of the program, estimated at a total value of US $500 million. The other US $250 million is owned by other Arab banks and financial institutions.