26 December 2012

Egypt: Finance Ministry - IBD Approves $40 Million to Rehabilitate Al-Azhar Hospital

Minister of Finance Momtaz al-Saeed said on Tuesday 25/12/2012 that the Islamic Bank for Development (IBD) has approved on financing a project of rehabilitating al-Azhar University through contributing 31.03 million dollars in the form of a soft loan.

In press statements, he added that the new funds increase the total contribution by the IBD to the project to 40 million dollars.

He confirmed that the IBD has already extended funds to several projects in Egypt, explaining that it has offered 522 million dollars to finance power plants in Egypt since the outbreak of the January 25th Revolution.

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