Egypt has received an offer of a US$400 million (Dh1.46 billion) loan from an arm of the Islamic Development Bank to help pay for food andpetroleum as it races to close a budget gap after turning down emergency financing from the IMF.
The official Mena news agency reported on Saturday that the funds would be provided by the International Islamic Trade Finance Corporation, an organisation funded by 56 countries in the Muslim world to develop Sharia-compliant funding for commerce.
Egypt has struggled to raise financing since rejecting in June an IMF funding package worth $3bn, a deal it had struck only weeks earlier.
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