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.
AFAD figures suggest Turkish aid to Syrian refugees dwarfs that of international organizations
'The operations in Cizre have been successfully completed as of today,' interior minister says
Turkish president has criticized UN and EU over refugee issue
Two suspects are accused of smuggling refugees and causing the deaths of five people, including three-year-old Aylan Kurdi, his five-year-old elder brother Galip and his mother Rihan
Attackers targeted pro-AK Party dailies Yeni Safak and Yeni Akit with Molotov cocktails and guns
Ahmet Davutoglu calls on international community not to pin its 'inability' on Turkey
"I find it hypocritical that some circles are telling Turkey to 'open your borders' while at the same time failing to tell Russia 'enough is enough'," Davutoglu says
State Dept. maintains US does not consider Syrian PYD a terrorist group
After an official visit to Saudi Arabia by the Turkish Chief of General Staff, it has been revealed that Turkey and Saudi Arabia will conduct joint military exercises.
Negotiations will reportedly focus on Gaza blockade and Hamas presence in Ankara
Mevlut Cavusoglu's remarks come after Washington's description of PYD as a 'reliable partner' in the fight against ISIL
Ahmet Davutoglu tells party faithful in Ankara that Turkey has become a shelter for Syrians
Several media organs reported that 150,000 troops from Saudi Arabia would soon be dispatched to Syria through Turkish borders
Deputy prime minister Kurtulmus warns of the worst case scenario
Turkish premier Davutoglu condemns attacks on civilians amid peace talks