Govt to accept US$1 bln loan from Islamic Development Bank

Govt to accept US$1 bln loan from Islamic Development Bank

On

Thu, 28/06/2012 - 20:00

Planning and International Cooperation Minister Fayza Abouelnaga said a US$1 billion loan from the International Islamic Trade Finance Corporation, which is affiliated with the Islamic Development Bank, will be signed on Monday.

The loan would have a 3.25 percent interest rate.

In a statement to the press on Thursday, Abouelnaga said money from the loan will be distributed to the Egyptian General Petroleum Corporation and the General Authority for Commodities.

Prime Minister Kamal al-Ganzouri said on Wednesday during a statement to the Shura Council that food commodities will be offered at half price during Ramadan.

This year, the holy month of Ramadan will start on 20 July.

Edited translation from Al-Masry Al-Youm