Islamic Development Bank Grants Egypt US$300 Mln

Dr. Amr Darrag, Egyptian Minister of Planning and International Cooperation, stated that the government has signed the third tranche of the loan worth US$ 300 million with the International Islamic Trade Finance Corporation (ITFC), one of the Islamic Development bank (IDB)’s 5 financing institution entities.

The loan is at interest rate of 3.75% and is allocated to back up the petroleum sector and finance the importation of petroleum products; especially gas cylinder.

In a press statement, the minister has referred that Egypt has already obtained two tranches out of the total value of the loan worth US$ one billion. He pointed out that the Egyptian Prime Minister Dr. Hisham Kandil and the Finance Minister Abdel Moneim Fayyad had attended the signing.

Dr. Amr Darrag confirmed that Egypt will obtain the International monetary Fund (IMF)’s loan soon, noting that the country has implemented all the international lender’s program including reducing the state budget deficit.