CAIRO, 15 July — The Jeddah-based Islamic Development Bank and Egypt have signed 10 loan agreements worth $270 million. The agreements were signed following a meeting between IDB President Dr. Ahmad Muhammad Ali and Egyptian Prime Minister Dr. Atef Obeid.
"The IDB president and the Egyptian premier discussed prospects of strengthening cooperation between the two sides," a press statement by the bank said. The bank will give $40 million to establish a grain storage facility, $7.5 million to develop a shipping line between Cairo and Aswan, and $22 million for the hospital of Al-Azhar University in Cairo.
The agreements include a $25 million loan to finance imports of wheat, sugar and cooking oil from IDB member states, the statement said.
The bank will also give $100 million to finance import of crude oil and petrochemicals from member countries.
IDB has so far given more than $2 billion in loans to Egypt to carry out various development projects. It has also financed 100 trade deals in favor of Egypt.
