CAIRO: As Egypt's economy continues to struggle to regain form following the ouster of the former regime of Hosni Mubarak, the Islamic Development Bank (IDB) has agreed to $2.5 billion in loans to the country over the next three years. The goal of the loans is to finance development projects as well as import and export operations, the bank said. IDB President Ahmed Mohammed Ali signed a series of loan agreements in Cairo with Egyptian officials in the presence of Prime Minister Essam Sharaf. According to one agreement, IDB will give $60 million to rent equipment required for a power plant in Suez. It will also provide technical assistance worth $300,000 to launch an education center for non-Arabs. A grant worth $160,000 will be provided to develop methods for financing small-scale projects, the bank said. Egypt is one the bank's oldest members and one of the seven countries that own the majority of its shares. It has contributed 7.1 percent of IDB's capital. “The cooperation between Egypt and IDB has witnessed remarkable progress in recent years,” the bank said, adding that IDB had financed several development projects in the country. BM
