Jeddah,25.11.08 The Islamic Development Bank (IDB) signed Tuesday two agreements with Egypt to provide US$169 million to finance two projects for electricity and bird flu vaccine production. The agreements were signed in Cairo by Dr Ahmad Mohamed Ali, IDB President and Fayza Abu Al-Naga, Egypt’s Minister for International Cooperation. Prime minister Dr Ahmed Nazeef and Dr Osman Mohamed Osman Minister of Economic Development and Egypt’s Governor at IDB, attended the signing ceremony. According to the first agreement, IDB will provide US$159 Million to help finance Abu Qir power station to meet growing electricity demand. Dr Ali commented that the project is one of the biggest in which IDB participates and expressed hope of continuous cooperation with Egypt. For the bird flu project, which will produce vaccine, IDB is providing US$10 million. Total IDB finances in Egypt so far amounted to US$2.8 billion covering 226 operations in various fields in agriculture, industry, education, and capacity building.
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