Financial and Banking News

AID FLOWS

Egypt Receives $17mn British Aid for Coal Mine Project 

Egypt received a £12.5mn ($16.9mn) grant from the UK last week as part of a £50mn package to help reconstruct and modernize the Meghara coal mine in the Sinai peninsula, which has been closed since the 1967 war. £37.5mn is being provided as an ECGD-backed loan arranged by Morgan Grenfell at OECD consensus rates. The project will raise annual production to 375,000 tons...