Egypt gets US$ 1 billion from Turkey end of October
Friday, 19 October 2012
ANKARA: Egypt will receive the first half of the aid package worth of US$1 billion credit from Turkey in two installments starting the end of October, Turkey's News agency (Anadolu News) reported on Friday.
According to the international agreement signed by Turkish President Abdullah Gul and appeared in the Turkish Official Gazette today, the first half of the credit is going to be paid as of October 30 and the second half is going to be paid as of January 30, 2013.
The payment term was stated 5 years, 3 of which was non-returnable.
Egypt will pay back the credit in 5 equal installments every 6 months.
Earlier in September during a visit to Turkey, Egypt's President Mohamed Morsi signed the loan agreement with Turkish Prime Minister RecepTayyipErdogan. (QNA)