OPEC Fund secures $27 million Loan for Egypt

Egypt has signed on Friday a loan worth US$27 million with the OPEC Fund for International Development (OFID) to support Ain Shams Specialized Hospital.

This came on the sidelines of the spring meetings of the World Bank Group and the International Monetary Fund (IMF) being currently held in Washington DC.

The signing took place between Egyptian Minister of International Cooperation Naglaa Al-Ahwany and OPEC Fund’s Director General Suleiman Al-Herbish.

The loan is to be injected into the establishing and equipping of modern integrated centres for tumours and neurosurgery at the hospital.

The agreed upon terms specify the loan has a 3.5% interest rate, and a repayment period of 25 years.

Furthermore, the loan will contribute towards the construction of a five floor building that is to be established on a total area of 7000sqm. It will also finance advisory services needed for the project.

Meanwhile, the current cooperation portfolio between the fund and Egypt amounts to approximately US$300 million for supporting nine projects.

Egypt and the OPEC Fund have had strong ties since 1976, with the fund supporting 21 projects in the country providing finances worth approximately US$505 million. Loans were injected for financing development projects in various sectors in the country.