IDB to help finance Egypt projects for $2.5bn
Jeddah, June 15, 2011
Jeddah-based Islamic Development Bank is setting aside $2.5 billion for development projects in Egypt over the next three years to support its economy after the ouster of its leader, the bank said on Wednesday.
"To assure the role of the banking group in supporting the development efforts in Egypt, the group decided to offer $2.5 billion in financing over the next three years, that will be intended to finance development projects," the bank said in a statement.
Political turmoil in Egypt led to the resignation of President Hosni Mubarak on Feb. 11, hurting tourism and spooking foreign investors.
The International Monetary Fund said in April that Egypt faced a funding gap of $10 billion to $12 billion and is projecting slower growth of 1.0 per cent this year, well below its long-term average, after a 5.1 per cent expansion in 2010.
Saudi Arabia pledged in May a $4 billion aid package for Egypt, including a $1 billion deposit at the central bank and $500 million in bond purchases. – Reuters
More Finance & Capital Market Stories
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club