IsDB Unveils $2.5B Aid Package for Egypt

The Islamic Development Bank announced on Wednesday (June 15) that it will provide a three-year financing package worth $2.5 billion to help finance infrastructure projects, strengthen private businesses and insure imports and exports in Egypt.

The funds will be used for the construction of a 650-megawatt power station and other projects targeting the development of Egypt’s energy, transportation and education sectors, Agence France-Presse says, citing an IsDB statement.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.