Financial And Banking News


$2l3mn US Soft Loan to Egypt

Under an agreement signed on 12 November, the US Government will extend a $213mn soft loan to Egypt in 1986 to help finance imports of 1.04mn tons of wheat and 390,000 tons of wheat flour. The loan will be financed from the estimated $1.3bn of US economic aid to Egypt for FY 1985/86. It is repayable over 40 years, including a grace period of 10 years, at an annual interest rate of 2% rising to 3% after the grace period. The...