Arab Investment Bank Injects US$ 10 Mln To Petroleum Sector

The Arab Investment Bank (AIB) plans to inject Islamic loans of US$ 10 million to finance the petroleum sector in Egypt and Pakistan, in collaboration with Islamic Development Bank (IDB).

The Egyptian Ministry of Petroleum will be provided with US$ 5 million to finance the petroleum requirements, said Abdel Rahman Rezk, general manager of AIB, on the sidelines of the Regional Islamic Finance Forum held by the Central bank of Egypt today. Such finance is part of a US$ 32 million loan arranged by IDB – Jeddah.

The Pakistani government will be offered credit facilities of US$ 5 million by IDB and AIB to meet Pakistan’s petroleum requirements.