IDB signs two Agreements for US$169 million with Egypt

Jeddah, November 30, SPA -- The Islamic Development Bank (IDB) signed
recently two agreements with Egypt to provide US$169 million to
finance two projects for electricity and bird flu vaccine production.



The agreements were signed in Cairo by Dr Ahmad Mohamed Ali, IDB
President and Fayza Abu Al-Naga, Egypt’s Minister for International
Cooperation. Prime minister Dr Ahmed Nazeef and Dr Osman Mohamed
Osman Minister of Economic Development and Egypt’s Governor at IDB,
attended the signing ceremony.


Under the first agreement, IDB will provide US$159 Million to help
finance Abu Qir power station to meet growing electricity demand.


Dr Ali commented that the project is one of the biggest in which IDB
participates and expressed hope of continuous cooperation with Egypt.



For the bird flu project, which will produce vaccine, IDB is
providing US$10 million.


Total IDB finances in Egypt so far amounted to US$2.8 billion
covering 226 operations in various fields in agriculture, industry,
education, and capacity building, according to a latest press release
of IDB.