EGYPT

 

Egypt Secures $450Mn In Loans

Cash-strapped Egypt has secured two loans totaling $450mn from the Islamic Development Bank (IDB) and the World Bank to fund a number of projects. The IDB approved a $250mn loan to finance the Helwan power station, following a meeting on 7 August in Cairo between Egypt’s President Muhammad Mursi and IDB President Ahmad Muhammad 'Ali. Egypt is currently facing power outages and any improvement in supply would be...