IDB mulls $3bn loan to Egypt

IDB mulls $3bn loan to Egypt
Egypt's investment and international cooperation minister Sahar Nasr (Photo credit: Arabianeye-Reuters)

Cairo – Mubasher: The Islamic Development Bank (IDB) is considering a new cooperation with the Egyptian government at a total value of $3 billion between 2017 and 2019, the bank's governor Bandar Al Hajjar said.

Speaking at a meeting with Egypt's investment and international cooperation minister Sahar Nasr, the IDB official said that the bank is also considering establishing an office in Egypt.

Before the talks, IDB's cooperation portfolio with Egypt reached $2 billion.

The two parties tackled methods for enhancing Egypt's investment atmosphere and the business environment in order to attract local and foreign investors and bolster cooperation with the private sector, a statement by the Ministry of Investment showed on Friday.

The new strategy must put the needs of the Egyptian people as a priority as well as be in line with the government's programme.

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Source: Mubasher

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