Egypt signs $1b deal with Islamic Development Bank July 1, 2012 - 22:05 AMT PanARMENIAN.Net - Egypt on Sunday, July 1 signed an accord with the Saudi-based Islamic Development Bank for $1 billion in funding for the purchase of energy and food products. According to AFP, state news agency MENA said the deal was signed by International Cooperation Minister Faiza Abul Naga and an affiliate of the IDB, but the mechanism of the financing was not specified. The funds are to be used to import fuel products and food imports, especially wheat of which Egypt is the world's top importer. The deal comes as Egypt's economy has been hit by last year's uprising that toppled Hosni Mubarak, a fall in tourism revenues, slump in foreign investment, decline in foreign currency reserves and widening of the budget deficit. Egypt has been negotiating for several months a $3.2-billion-dollar loan from the International Monetary Fund.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Armenia PM meets Iran’s Supreme Leader in Tehran  Prime Minister Nikol Pashinyan had a meeting with Supreme Leader of the Islamic Revolution Seyyed Ali KhameneiRuling MP accuses opposition of “serving other countries' interests” Khachatur Sukiasyan has accused Armenia’s opposition of serving the interests of other countriesProtest leader vows to achieve departure of Armenian authorities According to Archbishop Bagrat, there is only one solution to the situation in Armenia.Heads of Armenian, Ukrainian parliaments hold virtual talks Alen Simonyan and Ruslan Stefanchuk held talks via video conference on Tuesday, May 21. |
