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.
Two countries' top diplomats agree to meet amid rising tensions over downed Russian warplane
PM Davutoglu calls for a deescalation in relations with its major trade partner Russia
Dailies on Wednesday cover Turkey's shooting down a Russian warplane that violated its airspace
Turkish president rejects Russian claim of ISIL presence in northern Syria
'No one should have any doubt that we have done our best to avoid this incident,' says Turkish President
Obama: ‘Turkey, like any country in the world, has the right to defend its sovereignty.'
Foreign minister calls off Istanbul trip over downing of Russian warplane
Turkey to receive €3 billion by EU to ensure needs of Syrian refugees are met
Turkey has 'duty' to act against anyone violating borders, PM Davutoglu says
PM Davutoglu has announced the new Cabinet after President Recep Tayyip Erdogan approved the list presented to him
Charge d'affaires Sergei Panov called to meeting at Foreign Ministry
NATO allies will hold an 'extraordinary' meeting at Ankara's request to discuss Turkey's shooting down of a Russian fighter jet along the Syrian border
'NATO is monitoring the situation closely. We are in contact with Turkish authorities,' a NATO official says
Turkish military has issued flight radar track on the downed Russian warplane
Turkish dailies on Tuesday focus on regime attacks against Turkmen-populated villages in northwestern Syria
Attacker have opened fire on a police station and also left a car bomb outside it in south-central Turkey’s Adana province