IDB financing Egypt’s petroleum products imports with $3 billion Loan

By Yomna Yasser On Mar 14, 2015

Islamic Development Bank (IDB) is providing Egypt with US$3 billion in loan to finance the country’s petroleum product imports, the bank’s chairman Ahmad Mohamed Ali Al-Madani announced Saturday.

The loan has been offered to Egypt during Sharm El-Sheikh investment conference on Saturday.

Accordingly, the total loans and financial aids IDB secured so far for Egypt increased to US$3.8 billion, Al-Madani note.

The Islamic Development Bank (IDB) is a multilateral development financing institution located in Jeddah,Saudi Arabia.

The IDB major shareholders include: Saudi Arabia (26.5%), Libya (10.7%), Iran (9.32%), Egypt (9.22%), Turkey (8.41%), United Arab Emirates (7.54%), Kuwait (7.11%), Pakistan (3.31%), Algeria (3.31%), and Indonesia (2.93%).