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Saturday, 15 September 2012 - Turkey to provide Egypt with $2 billion in finance |
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See the best of Reuters photography.  See more | Photo caption  Dancing horses Lipizzaner horses spend their summers in the Austrian mountains, before returning to train as dancing horses.  Slideshow  Will & Kate's Asia tour The royal couple are on a nine-day tour of Southeast Asia and the South Pacific.  Slideshow  Turkey to provide Egypt with $2 billion in finance Tweet Share this Email Print Related News UPDATE 6-One dead as Egyptian protesters battle police near US Embassy Fri, Sep 14 2012 Egyptians clash with police barring way to U.S. embassy Fri, Sep 14 2012 Egypt's Mursi condemns embassy attack, protesters clash Thu, Sep 13 2012 Egypt likely needs over $10 billion aid -senior EU official Wed, Sep 12 2012 U.S. Cairo, Libya missions attacked, U.S. official reported dead Wed, Sep 12 2012 Analysis & Opinion Egypt’s Coptic Orthodox Church to choose new pope in December Egypt’s constitutional reform talks stumble over the role of Islam in the law Related Topics World » Turkey » Egypt » Middle East Turmoil » CAIRO | Sat Sep 15, 2012 10:36am EDT CAIRO (Reuters) - Turkey has agreed during a visit by Egyptian officials to Istanbul to provide Egypt with a $2 billion financing package, Egypt's finance minister said on Saturday. Egypt's new government has been seeking foreign help to plug twin deficits in its budget and balance of payments that have mushroomed since last year's popular uprising. Last month it formally asked the International Monetary Fund for a $4.8 billion loan. Mumtaz al-Saeed said he could not yet say whether the Turkish financing would include any direct budget support. "We agreed on $2 billion in financing, but the details on how it will be structured have not yet been worked out yet," he told Reuters by telephone. Turkey's embassy in Cairo said the $2 billion package aimed to strengthen Egypt's foreign currency reserves and support investment in infrastructure. Half would be in the form of bilateral loans. Mumtaz and presidential assistant Essam al-Hadad discussed the package with Turkish Deputy Prime Minister Ali Babacan in a meeting in Istanbul, the embassy said in an emailed statement. Qatar has promised Egypt $2 billion in loans to support the budget and on September 6 it pledged to invest $18 billion in Egyptian tourism and industrial projects over the next five years. U.S. officials have said the Obama administration was close to a deal with Egypt's new government for $1 billion in debt relief, and last week senior executives of around 50 U.S. corporations visited Egypt to discuss new investments. Egypt's is also in talks for additional budget support worth about $1 billion from the World Bank and the African Development Bank. (This story corrected date of U.S. businessmen's visit in eighth paragraph) (Reporting by Patrick Werr, editing by William Hardy) World Turkey Egypt Middle East Turmoil Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. 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