$388m IDB loans to boost Egypt economy

Jan 17, 2013 12:00 AM

Islamic Development Bank President Ahmed Muhammad Ali has signed a number of loan agreements worth more than $388 million with Egyptian officials.

IDB will give $250 million to finance a 1,950-megawatt electricity station in the country's south, an official statement said.

The new power plant will eventually be linked to Egypt's national electricity grid with additional stations to be constructed soon.

The ministry received an initial $200 million loan for the project from the IDB last summer.

IDB will give 50 million to support small and medium enterprises in the country and 32.3 million to finance a national agricultural development program.

The bank signed a $31 million deal to finance a medical college hospital at Al-Azhar University and a $25 million loan deal to support a youth training program.

Since its inception, IDB has given more than $8 billion to finance 66 projects in the country and $3.5 billion to finance trade.

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