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Egypt signs $1 billion finance for food, energy

Egypt signs $1 billion finance for food, energy

02 July 2012 07:53 (UTC +04:00)

Baku â€“ APA-Economics. The Egyptian government signed an agreement on Sunday with the Saudi-based Islamic Development Bank (IDB) that will provide $1 billion to finance energy and food imports, the government said in a statement, APA reports quoting Reuters.

It said the agreement with the International Islamic Trade Finance Corporation, part of the IDB, was signed in Cairo by Waleed Abdul Mohsen al-Wohaib, chief executive of the institution, and Egypt’s international cooperation minister, Faiza Abu el-Naga.

"Dr. Waleed al-Wohaib said the institution is keen to support the Egyptian economy by offering Islamic finance aimed at supplying strategic commodities such as wheat and petrol," the statement said.

The finance was part of a previously announced agreement to provide Egypt with $2.5 billion, it said.

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