Libya gives Egypt $2 billion interest-free loan

[BLACKEAGLE]

CAIRO | Wed Apr 10, 2013 4:15pm EDT
(Reuters) - Libya will give Egypt a $2 billion five-year, interest-free loan under an agreement signed on Wednesday, the Egyptian state news agency MENA reported.

It quoted a finance ministry official as saying the loan would have a three-year grace period and was intended "to support the Egyptian economy and the state budget and foreign currency reserves".

The official said the money was expected to arrive next week. Earlier in the day, Qatar agreed to give Egypt $3 billion more in aid by buying Egyptian government bonds.

That agreement was announced during a visit to Doha by Egyptian Prime Minister Hisham Kandil.

Both deals came as Egypt is in the midst of negotiations with an International Monetary Fund delegation for a $4.8 billion loan which, unlike the Arab aid, would come with policy conditions including reform of subsidies and tax increases.

MENA quoted the official as saying the Libyan deal would strengthen Cairo's hand in the IMF talks.

Libya gives Egypt $2 billion interest-free loan: MENA | Reuters

 

[Barakah]

whoa, im confused. Despite just being in a war. They have enough funds to give to other countries? Impressive.

 

[xdrive]

it would be donor money libya received and now they are loaning it out.

 

[BLACKEAGLE]

whoa, im confused. Despite just being in a war. They have enough funds to give to other countries? Impressive.

It works for Arabs

it would be donor money libya received and now they are loaning it out.

Libya hardly received donations as it started to get back tens of billions of dollars in many international banks had been frozen. They as well had oil revenues. Rebuilding Libya is a matter of time not lack of money.

 

[somebozo]

Both deals came as Egypt is in the midst of negotiations with an International Monetary Fund delegation for a $4.8 billion loan which, unlike the Arab aid, would come with policy conditions including reform of subsidies and tax increases.

World Bank and IMF owns you!

 

[A.Rafay]

Good for Egyptian economy!

 

[Kaniska]

Just curious ...Is Libya is a rich nation in Africa?

 

[Thəorətic Muslim]

Libya is pretty rich, thanks to it's Oil Reserves and a population less than 10 million. Just imagine UAE/ Qatar/ Saudi Arabia except in N. Africa.

A note is how much the Egyptian Revolution has destroyed the economy. While the people are destroying the infrastructure, something I have yet to understand as it only hurts the Egyptian people, the international media is continuously showing Egypt as unsafe. The Egyptian economy depends on Tourism.

Include the ridiculous subsidies and you'll understand why the Egyptian Govt needs money. Food harvests can not be exported unless 130% is stored to feed the population.

In Egypt it is cheaper to feed pigs wheat than let them eat garbage.

 

[BLACKEAGLE]

Libya is pretty rich, thanks to it's Oil Reserves and a population less than 10 million. Just imagine UAE/ Qatar/ Saudi Arabia except in N. Africa.

A note is how much the Egyptian Revolution has destroyed the economy. While the people are destroying the infrastructure, something I have yet to understand as it only hurts the Egyptian people, the international media is continuously showing Egypt as unsafe. The Egyptian economy depends on Tourism.

Include the ridiculous subsidies and you'll understand why the Egyptian Govt needs money. Food harvests can not be exported unless 130% is stored to feed the population.

In Egypt it is cheaper to feed pigs wheat than let them eat garbage.

The situation on the ground in Egypt is being exaggerated by media and people, violence and demonstrations happen in small certain areas from time to time, it's political rather than violence conflict. Some Egyptians get to wait for the next election to have their demands fulfilled as the majority don't agree with them and they need to respect democracy which unfortunately brought MP to the reign, those who are in the opposition are just making things worse. Hope things get better.

 

[Thəorətic Muslim]

The situation on the ground in Egypt is being exaggerated by media and people, violence and demonstrations happen in small certain areas from time to time, it's political rather than violence conflict. Some Egyptians get to wait for the next election to have their demands fulfilled as the majority don't agree with them and they need to respect democracy which unfortunately brought MP to the reign, those who are in the opposition are just making things worse. Hope things get better.

I completely agree that it is political protests. But these protesters as any protesters it seems in the developing world decide to start burning everything.

The revolutions were a great thing, the people of any nation deserve to have their voices heard. But the problem here is that people dont understand that compromise is necessary. You cant just say "I want Sharia law" and boom Sharia law in Egypt.

Everyone has their options. Democracy is a learning process, many of the Arab Revolutions have been under dictators for decades, it will take time for them to be able to talk together as EQUALS. Not that any politician talks with their counterparts as equals.

 

[Yzd Khalifa]

The Western media seem to be overdoing it to delegitimize the Muslim brotherhood . Interestingly, The hope they had that the MB will remain in power if they didn't expose them to the civilized world ,so to speak.

The situation on the ground in Egypt is being exaggerated by media and people, violence and demonstrations happen in small certain areas from time to time, it's political rather than violence conflict. Some Egyptians get to wait for the next election to have their demands fulfilled as the majority don't agree with them and they need to respect democracy which unfortunately brought MP to the reign, those who are in the opposition are just making things worse. Hope things get better.

World Bank and IMF owns you!

Of course! Who else would it be? Welcome to the Globalized World baby!

 

[EXPERIMENT]

This is a case of a Third power using not their money but a recently captured nations funds (Tribute) to buy some pocket politicians in another country. The loot continues.....the cycle of life.....

 

[Falcon29]

I like this. Muslims need to keep investing in Egypt as it is an important country for the Arabs. No one likes to see instability in Egypt and hopefully it will rise again.

 

[eddieInUK]

Egypt is frontline of arabs for Israel. Hopefully it will rise soon.

 

[Pyre]

Egypt is frontline of arabs for Israel. Hopefully it will rise soon.

LOL, rise soon? A nation that lazy will never rise out of bed, let alone against israel.