The Islamic Development Bank's Board of Executive Directors approved in its meeting last Sunday to contribute to financing the development of Al-Azhar University Hospital with US$ 31.03 million; half of which is a soft loan with a term of 20 years. Momtaz al-Saeed, IDB's Governor in Egypt and Minister of Finance, stated that IDB offered US$ 8.75 million finance to improve Al Azhar Hospital. IDB has financed many developmental projects in Egypt as it offered finance of more than US$ 522 million during the period from the eruption of 25th January revolution in 2011 to last November financing many projects as it offered US$ 120 million for the establishment of a power generation plant in Benha, US$ 60 million for the establishment of MW-650 electrical plant in Suez and US$ 200 million for the construction of electrical plant in South Helwan. IDB signed with Egypt a number of bilateral agreements such as the technical assistant agreement under which the bank offered a grant to Egypt worth US$ 300,000 to launch the Arabic for Non-Native Speakers Center and the micro-finance development agreement under which IDB offered US$ 10 million soft loan as well as a grant in the form of technical assistance to micro-finance program worth US$ 160,000.
