Arab Today, arab today shura committee approves signed egyptidb deal
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Shura committee approves signed Egypt-IDB deal

Arab Today, arab today

Arab Today, arab today Shura committee approves signed Egypt-IDB deal

Cairo - MENA

The Committee for Financial and Economic Affairs of the Shura Council on Tuesday approved an agreement, which was signed between Egypt and the Islamic Development Bank (IDB), worth 50 million dollars. The deal is the first fruit of the Sukuk (Islamic bonds) law. It constitutes a new mechanism for funding as per the Islamic law. The agreement aims at supporting small-sized enterprises. The bank will also offer a $320,000 grant to Egypt to finance training programs and transfer expertise to Egyptian banks, NGOs and the Social Fund for Development (SFD).

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