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Egypt signs $1bn loan deal with Turkey: Report

President Morsi's visit pays dividends as Ankara agrees to a new aid package

Ahram Online, Sunday 30 Sep 2012
Turkey approves $1bn loan for Egypt
Turkey's Prime Minister Recep Tayyip Erdogan, and Egyptian President Mohammed Morsi salute the members of Turkey's ruling Justice and Development Party in Ankara (Photo: AP)
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Turkey has agreed a $1 billion loan for Egypt during President Mohamed Morsi's visit to the country, the state-run MENA news agency reported on Sunday.

The borrowing is the first tranche of a total reported $2 billion Turkish aid package for Cairo.
 

President Mohamed Mursi signed the loan agreement with Turkish Prime Minister Recep Tayyip Erdogan after giving a Sunday speech at Turkey's ruling AK Party conference in the capital Ankara.

During his first visit to Turkey as Egyptian president, Morsi spoke from the stage and urged his audience to support "nations that are aspiring to freedom and independence."
 
Addressing the Turkish nation specifically, Morsi added: "The Arab world and the Arab Spring need you and your support to achieve sought-for stability."
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