16 September 2012

Egypt: U.S.$ Billion Dollars Package of Turkish Aid to Egypt

Minister of Finance Momtaz El Saeid said an agreement has been reached with Turkey on offering a 2 bn dollars package of aid to Egypt for supporting Egypt's foreign exchange reserve and financing infrastructures. The Minister of Finance said this will enhance capabilities of the Egyptian economy and help restore stability and rates.

The Minister of Finance said this agreement was reached during the meeting held in Istanbul between Dr. Essam El Haddad, the aide to the president for foreign affairs and international relations who presided over the delegation which included Dr. Ashraf El Arabi, the Minister of Planning and International Cooperation. The Turkish side to the talks was headed by Ali Babacan, the Deputy Turkish Prime Minister.

Minister of planning and international cooperation Dr. Ashraf El Arabi has reviewed Egypt's economic development plan for this year which aims to attract L.E.171 billion, nearly 30 billion dollars to help achieve a growth rate that exceeds 4,5% as an initial step towards absorbing part of unemployment which hit 13% last month.

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