Islamic Development Bank Signs Finance Contracts Worth US$ 920 Mln With Egypt

The Islamic Development Bank (IDB) plans to provide Egypt with US$ 920 million worth of finances; of which US$ 800 million allocated for water pumping stations and US$ 120 million for an electricity generation plant in Damietta, said Zain Zahran, executive director of IDB.

On the sidelines of Sukuk Practical Applications Conference today, Zahran added to Amwal Al Ghad that IDB financed South Helwan Power Plant with US$ 450 million, although the bank’s maximum finance amount for institutions is US$ 220 million.

In addition, the bank financed Egyptian Chemical Industries (KIMA) with US$ 90 million and IDB Group financed Al-Nouran Sugar Company with US$ 325 million last week, he said.