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.
A worldwide boycott could alter the Israeli economy, enterpreneurs from the Anatolian Businesspersons' Association and Istanbul Commodity Exchange said.
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Jewish people should not be identified with Israeli military or political policy, say academics.
Turkish dailies reported Thursday on the latest developments of the operation in Istanbul and other cities against police officers and officials in the wiretapping probe, along with the latest clashes in Israel and Palestine.
Turkish FM Ahmet Davutoglu postponed a trip to France and left for Qatar in an effort to reach ceasefire between Israel and Gaza.
A major operation in Istanbul and other cities sees 22 more police personnel detained and 14 of them have been sent to court.
U.S. Secretary of State John Kerry spoke to Turkish Foreign Minister Ahmet Davutoglu three times on Thursday.
"If Israel continues with this attitude, it will definitely be tried at international courts," Erdogan told a rally of supporters in the southern port city of Mersin.
A major operation in Istanbul and other cities saw 104 police officers and chiefs detained and 22 of them sent to the court.
Troubles in Ukraine, Iraq, Syria and Israel are forcing airlines travelling between the east and the west to fly through Turkey.
"The U.S., Turkey, Qatar and Egypt have been working for the last five days to ensure an immediate ceasefire," Ahmet Davutoglu said
Turkey called on citizens to immediately leave Libya and avoid non-essential travel after airports were closed down due to shelling.