BREAKING NEWS

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

By REUTERS

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.

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