Islamic Development Bank President Ahmed Muhammad Ali has signed a number of loan agreements worth more than $388 million with Egyptian officials.
IDB will give $250 million to finance a 1,950-megawatt electricity station in the country’s south, an official statement said.
The new power plant will eventually be linked to Egypt’s national electricity grid with additional stations to be constructed soon.
The ministry received an initial $200 million loan for the project from the IDB last summer.
IDB will give $50 million to support small and medium enterprises in the country and $32.3 million to finance a national agricultural development program.
The bank signed a $31 million deal to finance a medical college hospital at Al-Azhar University and a $25 million loan deal to support a youth training program.
Since its inception, IDB has given more than $8 billion to finance 66 projects in the country and $3.5 billion to finance trade.
$388m IDB loans to boost Egypt economy
$388m IDB loans to boost Egypt economy
King Abdulaziz Camel Festival draws 3,000 foreign visitors
- Through interactive exhibits and educational presentations, people can gain a deeper understanding of the cultural value camels hold in the Kingdom
RIYADH: The 10th King Abdulaziz Camel Festival is drawing record numbers of international tourists, solidifying its reputation as a premier cultural and heritage event in the Kingdom, the Saudi Press Agency reported.
The event, which runs until Jan. 3, is a key feature of the country's cultural tourism offering. According to its organizers, more than 3,000 people from over 50 countries have already visited.
The festival combines a rich array of cultural and entertainment programs that introduce visitors to the world of camels, from their various breeds to their significance in Saudi heritage.
Through interactive exhibits and educational presentations, people can gain a deeper understanding of the cultural value camels hold in the Kingdom.
Many visitors have expressed admiration for the quality of the festival’s organization and the hospitality they received, with some describing it as a “living museum,” the report said.
