Financial and Banking News

AID FLOWS

Egypt Receives $122mn in Aid from West Germany 

West Germany has agreed to extend DM264mn ($122mn) in aid to Egypt as part of an annual financial package, according to an agreement signed on 24 April. Part of the aid is a DM235mn ($107mn) loan to help finance completion of a fertilizer plant and imports of spare parts and production equipment. It is repayable over 50 years, including a 10-year grace period, with a 0.75% annual interest rate. The...