Financial and Banking News
Italy Lends Egypt $150mn
Italy has agreed to lend Egypt $150mn, according to an agreement signed in Cairo on 17 May. The loan is repayable within 20 years, including a 10-year grace period, and carries a 1.5% annual interest rate. The funds will be used to finance a number of projects in the current Five Year Plan involving agriculture, fishery and export-oriented industries.