CAIRO: Egypt's Minister of Planning and International Cooperation, Faiza Aboul Naga, said that Egypt refused to accept a loan from the International Bank because the terms did not fit Egypt's national interest. She also said the current government is not subject to the terms set by the International Bank and International Monetary Fund (IMF), and that she takes the Egypt's interest before any other consideration. There will be negotiations between the Ministry of Finance and the IMF in order to set an agreement for 12 months, said Aboul Naga. The agreement has not been signed yet due to some terms. Aboul Naga said during a meeting with the representatives of investors and the private sector that Egypt received $200 million from the government of Saudi Arabia. The Cairo bank will control allocating this sum to small projects, she added. She also said the issue of supporting butane should be reexamined because great waste results from this support, and the butane is also given to people who do not deserve it. According to Aboul Naga, a study is being carried out in order to find a way to deal with this waste that is estimated to cost $ 55 billion. Aboul Naga said her Ministry is charged by the council of ministries to start providing jobs in the government. Aboul Naga also asked the investors to determine the training fields that are required for factories.
