Egypt inks $1 billion loan deal with TurkeyOctober 2, 2012 - 21:23 AMT PanARMENIAN.Net - Egypt signed a deal to loan $1 billion from Turkey, half of the aid package Ankara promised Cairo earlier this month, Egypt's state news agency reported, according to Reuters. President Mohamed Mursi signed the loan agreement with Turkish Prime Minister Recep Tayyip Erdogan after giving a speech at Turkey's ruling AK Party conference. "President Mohamed Mursi and Prime Minister Recep Tayyip Erdogan agreed on signing a loan worth $1 billion dollars from Turkey," MENA state news agency said, quoting Egypt's finance minister. It did not give further details of the agreement. In his conference speech, Mursi spoke of strong regional policy ties with Turkey and praised it for being the first country to back the Egyptian revolution which toppled Hosni Mubarak and led to the Muslim Brotherhood winning power. Officials of Mursi's Freedom and Justice Party have said they do not look to Turkey and its AK Party as a political model. However, analysts say Egypt's new Islamist rulers are taking notes from Turkish party's success in building a regional economic powerhouse which has delivered strong growth. Battered by months of political turmoil, Egypt has been seeking to boost investor confidence in its economy. Donations and loans from the International Monetary Fund, Gulf states and other countries have played a role in raising confidence Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |