World Bulletin / News Desk
Turkey has agreed during a visit by Egyptian officials to İstanbul 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 İstanbul, 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.
US 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 US 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.
Turkey's Recep Tayyip Erdogan took the presidential oath on Thursday after stepping down as Prime Minister on Wednesday.
Today's newspapers cover Turkey's ruling AK party's congress to elect a new party chairman, and Erdogan's handing over the AK Party leadership to Davutoglu.
The U.S. administration designated Charge D'affaires to Ankara to participate the inauguration ceremony of president-elect Erdogan.
Erdogan said he would ask incoming prime minister Ahmet Davutoglu to form a new government on Thursday and a new cabinet of ministers would be announced the following day.
An Egyptian-brokered ceasefire came into effect on Tuesday, bringing 51 days of relentless Israeli attacks to a halt in the blockaded coastal enclave.
Today’s newspapers cover Turkey’s ruling AK party’s congress to elect a new party chairman, and thousands of Turks forming what is hoped to be the world’s largest portrait of Mustafa Kemal Ataturk, founder of the Republic of Turkey.
It is not yet clear who he will be meeting during his stay, but there are believed to be no plans for him to meet Turkish Foreign Minister-turned-Prime Minister Ahmet Davutoglu.
The nation recorded 162,445 medical tourists by the end of the first half of 2014.
At least 100 people are arriving from Iraq each day, many of them smuggled across the border by locals, sometimes paying up to $1,000 per family.
The Chinese Foreign Ministry said it is coordinating with Turkish authorities to find the workers, kidnapped by militants on Monday.
Many Yazidis fleeing from the war in Iraq are also waiting for shelter on the border with Turkey, according to some reports.
The advance of ISIL has alarmed Ankara and its Western allies, forcing them to step up intelligence sharing and tighten security cooperation.
Turkish dailies on Tuesday report on outgoing President Gul's farewell to the public and to his counterparts, and the dam river tragedy in Turkey's southeastern province of Siirt.
The firms were asked to extend their bids until the end of the year, the Defence Undersecretariat said in a statement.
Turkish Union of Bars head Metin Feyzioglu said he will attend a new legal year ceremony and speak, after President-elect Recep Tayyip Erdogan said he would not attend in case of a Feyzioglu address.
Turkish FM Ahmet Davutoglu is to become prime minister after Erdogan is sworn in as president August 28, said Deputy PM Bulent Arinc.