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Egypt to receive $1bn from Turkey within 2 months
- Egypt: Thursday, April 18 - 2013 at 02:54
Egypt is set to receive soon the remaining $1bn of a $2bn budget support package approved by Turkey in 2012, Reuters has reported, citing Turkish officials and banking sources. Under the agreement, Turkey's Treasury lent Egypt the first $1bn. Turkey's Eximbank will supply the second tranche in the next two months, the sources said, although the interest rate on the loan had not yet been settled. "The Egyptians are completing the deal's conditions at the moment. We expect them to get it done by the end of the month and the deal to come into effect afterwards," one of the sources close to the transaction said. "The deal will include capital goods and pre-determined projects. Egypt will soon have a short list of these projects."
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