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Egypt is to receive two loans of $425mn, from the Jiddah-based Islamic Development Bank (IDB), some 43% of total loans worth $987mn approved by the IDB on 26 August.
The allocation of the lion’s share of these loans to Egypt is significant at a time when the country is struggling to revive its sagging economy, following the decline in growth since the overthrow of former president Husni Mubarak in early 2011. Egypt is seen by Gulf countries as key to stability throughout the Arab and Muslim world; stability which needs to be reinforced at a time of major political upheavals in the Middle East, as was demonstrated last year with the $12bn emergency aid package from Saudi Arabia, Kuwait and the UAE (MEES, 12 July 2013). (CONTINUED - 172 WORDS)