Egypt's petrol authority to receive $235m loan from Saudi banking group
Latest chunk of borrowing from Islamic finance institution will go towards energy imports
Ahram Online, Monday 1 Oct 2012
Neither a lender nor a borrower be: Islamic finance is a partial answer to Egypt's problems (Photo: Reuters)
Egypt's state petroleum authority is set to receive a $235 million loan from the Saudi Arabia-based International Islamic Trade Finance Corporation (ITFC), the Egyptian finance ministry said on Sunday.
The Egyptian ministers of finance, international cooperation and petroleum will jointly sign the lending agreement on Monday with a representative of the Islamic Development Bank Group, to which ITFC belongs.
The Egyptian Petroleum Corporation will be in charge of repaying the loan, with the Ministry of Finance acting as guarantor in cause of default.
No details of the loan's repayment period have been revealed.
The loan is part of a total $1 billion loan agreement signed by Egypt with the IDB in July and aimed at funding food and energy imports.