European Investment Bank (EIB) has decided on up to 900 million euros annually in loans to Egypt, according to Gamal Bayoumi, the secretary general of the Federation of Arab Investors.
The loans comes as part of EIB's program to support investment mechanisms in neighboring partnership areas, where Egypt would be thebiggest beneficiary with its 900 million euro share, Egypt's official news website reported.
Bayoumi stated that EIB had pledged $6 billion in support to Southern Mediterranean countries in 2011-2013. Eight countries will benefit from the support including Egypt, Palestine, Jordan, Tunisia, Morocco, Algeria, Lebanon and Syria. He pointed out that Egypt will get an amount ranging between 500 to 900 million euros a year in loans, obtaining of a grant to dilute interest payments.