During the EEDC and in the midst of an environment promoting economic development in Egypt, Minister of International Cooperation Naglaa Al-Ahwany and the Director of IDB Ahmed Mohamed Ali signed an agreement granting a loan of $3bn to the Egyptian government.

The loan will be received by EGPC in order to establish a new terminal with a cost of $457m, the electricity interconnection project between Egypt and Saudi Arabia with a cost of $250m to transfer 3,000 watts of electricity on a daily basis, and construction of refinery laboratories in Assuit to transform oil into diesel in with a cost of $198m, and a project of Enma Company for Retail Leasing with a capital estimated at $21m.

The procedures for the loan are set to be completed by June, said Chairman of EGPC, Tarek El-Molla, adding that the IDB loan will be issued due to a law approved by the President, as it is a direct loan from the bank to the state.