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Egypt to get $1.2 bln financing from Islamic trade group

Posted on 09 March 2012

Fayza AboulnagaEgypt signed an agreement to borrow $400 million a year for three years from the International Islamic Trade Finance Corp. to help fund purchases of fuel and wheat, the state-run Middle East News Agency said, citing International Cooperation Minister Fayza Aboulnaga.
The funds will be provided to the state-run Egyptian General Petroleum Corp. and the General Authority for Supply Commodities, which imports wheat for the North African country, Aboulnaga said at a press conference in Cairo today, according to MENA. It carries an interest rate of 3.75 percent, she said………………………………………..Full Article: Source

 
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