Financial and Banking News
AFESD Lends $121mn to Egypt
The Arab Fund for Economic and Social Development (AFESD) has agreed to lendEgypt KD35mn ($121mn) to construct the second stage of the power station atDamietta, 190 kms. north of Cairo. The loan is repayable over 20 years, including six years' grace, and carries an annual interest rate of 3%.