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IMF Managing Director to visit Egypt

By Islam Serour Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is scheduled to visit Cairo on 22 August for further discussions with President Mohamed Morsy over a possible IMF loan to Egypt. It has been reported that an IMF mission, led by Masood Ahmed, the IMF director for Middle East and Central …

Daily News Egypt

National Bank for Development aids the completion of new electricity plant

The National Bank for Development (NBD) called on banks holding Islamic licenses to participate in granting an Islamic loan of $120 million to the East Delta Electricity Production Company (EDEPC). Some of the banks expected to participate in the loan include Alwatany Bank of Egypt, the Egyptian Gulf Bank and United Bank. The loan’s period …

Daily News Egypt

€50m French loan to expand electricity grid

  By Islam Zayed The French Ambassador to Egypt, Nicolas Galey, and Pierre Marcelli, director of the French Development Agency (FDA)’s office in Cairo, signed an agreement to provide a €50m soft loan to the Egyptian government. The loan will be provided in cooperation with the World Bank, the European Investment Bank, and the German …

Daily News Egypt

Islamic Trade lends Egypt USD 1bn to meet rising demand of consumer goods

The Egyptian government signed a final agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank group, for a one billion dollar loan to finance Egypt’s hydrocarbon and consumer goods. Minister of Planning and International Cooperation, Fayza Aboul Naga, considered the terms of the loan favourable, as the ITFC …

Daily News Egypt

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