Financial and Banking News
$225mn US Soft Loan to Egypt
Under an agreement signed on 16 December, the US government will extend a $225mn soft loan to Egypt in 1985 to help finance imports of wheat and wheat flour. The loan, which carries interest at 2-3%, is repayable in 40 years including a 10-year grace period. The 1984 US loan to Egypt for wheat and flour imports was $250mn.