Egypt signs $1 billion loan

The Egyptian government signed an agreement on Sunday with the Saudi-based Islamic Development Bank (IDB) that will provide $1 billion to finance energy and food imports, the government said in a statement.

The agreement with the International Islamic Trade Finance Corporation, part of the IDB, was signed in Cairo by Waleed Abdul Mohsen al-Wohaib, chief executive officer of the institution, and the Egyptian government, the statement said.

Egypt's government has faced a serious financial crisis following the overthrow of dictator Hosni Mubarak, with the country also expected to take a loan from the International Monetary Fund.

(Al-Akhbar, Reuters)