Oil Egypt accountACCOUNT King Tut

Egypt Signs $1 Billion Finance for Food, Energy

Source: Reuters 7/1/2012, Location: Egypt

Share |
The Egyptian government signed an agreement on Sunday with the Saudi-based Islamic Development Bank (IDB) that will provide $1 billion to finance energy and food imports, the government said in a statement.

It said the agreement with the International Islamic Trade Finance Corporation, part of the IDB, was signed in Cairo by Waleed Abdul Mohsen al-Wohaib, chief executive of the institution, and Egypt's international cooperation minister, Faiza Abu el-Naga.

"Dr. Waleed al-Wohaib said the institution is keen to support the Egyptian economy by offering Islamic finance aimed at supplying strategic commodities such as wheat and petrol," the statement said. The finance was part of a previously announced agreement to provide Egypt with $2.5 billion, it said.

Egypt's outgoing army-backed government has struggled to secure aid promised by foreign donors after a popular uprising ousted president Hosni Mubarak last year and the country now risks a balance of payments crisis. Trade sources said this month that the government had struggled to obtain bank payments for its fuel purchases. They said this had led to shipping delays that may have disrupted supplies for transport, industry and farming. The government denied any problems with energy supplies.

A new government being formed by President Mohamed Mursi, who took office on Saturday after winning Egypt's first credible leadership election, will want to move fast to secure funding to plug a gap left by an exodus of foreign investors and tourists.

The biggest chunk of aid so far was a $1 billion, eight-year loan from oil-rich ally Saudi Arabia in May but state borrowing costs are at historic highs and a pile of short-term debt raised since the uprising comes due in the second half of 2012.

Egypt >>  2/8/2016 - SDX Energy Inc, an oil & gas exploration and production company with assets in Egypt & Cameroon, is pleased to announce the Al Amir SE 23 development ...
Egypt >>  2/3/2016 - Eng.Tareq El Molla, Minister of Petroleum and Mineral Resources received Mr. Takehiro Kagawa, Japanese Ambassador to Egypt, to discuss ways to strengt...

Egypt >>  2/1/2016 - In Egypt, consumer price inflation posted its highest increase in 17 months in December at 11.9% y-o-y. Similarly, the input cost pressure remained st...
Egypt >>  2/1/2016 - Dr Thomas Radwitz has been appointed General Manager of the Egyptian subsidiary of DEA Deutsche Erdoel AG. Egypt is one of the core countries for the ...

Egypt >>  1/31/2016 - Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, signed a new oil and gas exploration agreement in the Gulf of Suez, between Ganoub E...
Egypt >>  1/27/2016 - The Ministry of Petroleumís official spokesman Hamdi Abdel Aziz, denied what was published in a newspaper about threats made by 4 oil companies to wit...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us