Turkey to give Egypt rest of $2 bln loan within 2 months

ByREUTERS
April 17, 2013 14:30

ANKARA- Turkey will transfer the remaining $1 billion of a $2 billion budget support package agreed for Egypt last year within the next two months, Turkish economy officials and banking sources said on Wednesday.

The loan will be a shot in the arm for Egypt, which on Tuesday failed to agree with the International Monetary Fund on a $4.8 billion loan that could ease a worsening economic crisis in the Arab world's most populous nation.



Under the Turkish agreement, announced last September during a visit to Ankara by Egyptian President Mohamed Morsi, Turkey's Treasury loaned Egypt the first $1 billion.

Turkey's Eximbank will now supply the second tranche in the next two months, the sources said, although the interest rate on the loan had not yet been settled.

Share this article via
Related Content
Breaking news
May 23, 2017
Turkey issues arrest warrants for dozens

By REUTERS

Israel Weather
  • 16 - 27
    Beer Sheva
    18 - 24
    Tel Aviv - Yafo
  • 13 - 22
    Jerusalem
    17 - 23
    Haifa
  • 21 - 36
    Elat
    19 - 30
    Tiberias