Islamic Development Bank (IDB) is providing Egypt with US$3 billion in loan to finance the country's petroleum product imports, the bank's chairman Ahmad Mohamed Ali Al-Madani announced Saturday.
The loan has been offered to Egypt during Sharm El-Sheikh investment conference on Saturday.
Accordingly, the total loans and financial aids IDB secured so far for Egypt increased to US$3.8 billion, Al-Madani note.
The Islamic Development Bank (IDB) is a multilateral development financing institution located in Jeddah,Saudi Arabia.
The IDB major shareholders include: Saudi Arabia (26.5%), Libya (10.7%), Iran (9.32%), Egypt (9.22%), Turkey (8.41%), United Arab Emirates (7.54%), Kuwait (7.11%), Pakistan (3.31%), Algeria (3.31%), and Indonesia (2.93%).
© Amwal Alghad 2015