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 crackdown on those linked to Erdogan has seen the arrest of 28 people in a number of cities across the country
The Turkish military has bombed positions of PKK terrorist group in Iraq's Hakurk region and Turkey's southeastern provinces
Turkish president and the leader of Palestinian group talk about resolving disagreements between Palestinians
“European countries remain incapable of solving ongoing problems. That's why Turkey should be a member of the union,” Turkey's EU minister says
PKK terrorists have attacked Turkish troops in southeastern Hakkari and Mardin provinces
The 16th Criminal Chamber of the Supreme Court of Appeals in Ankara has ruled that the proceedings against former President, Military Officer Kenan Evren and Tahsin Sahinkaya, a Turkish Air Force Commander, were to be dropped due to the defendants' death and that their defence, while alive, was invalid.
Pascale Moreau says UN 'appreciates' Ankara's work with refugees but calls for political solutions to the crisis
Turkey may ask the public whether it should continue its EU bid if accession talks do not move forward, says foreign minister.
Four suspects, including a mayor, in southeastern Turkey face life imprisonment for reportedly allowing PKK extremists use state-owned machines in attacks.
Turkish Foreign Ministry describes reports of phosphorus bombs and incendiary cluster munitions as 'extremely worrying'
PKK extremist have been killed following an exchange of fire with Turkish gendarme forces in Elazig province
Turkey is blocking plans by a senior German delegation to visit the Incirlik air base, German officials have said.
Turkish President Recep Tayyip Erdogan has said that the EU bid could be determined by a UK-style referendum vote
Zionist MP Ksenia Svetlova will visit Turkey to participate in a joint Israeli-Turkish think tank on Friday.
Rockets, believed to be fired by PKK terror group, target local police department; no casualties reported
Turkish leader reacts after European Commission president declares Erdogan responsible in case visa deal fails