India providing Egypt with 'unspecified value' credit line: Cairo
2 Min Read
Bloomberg says these credit lines are often utilized to import major commodities such as food.
-
Indian Prime Minister Narendra Modi (right) speaks during a joint media briefing with Egyptian President Abdel Fattah El-Sisi at the Hyderabad House in New Delhi, on January 25, 2023 (AFP)
Egyptian Supply Minister Ali El-Mosilhy revealed that India is giving Egypt "a credit line of unspecified value," the latest assistance provided by an ally for the North African country amid a distressed economy, Bloomberg News reported.
Egypt, a huge importer of wheat and other commodities, is rushing to recover an economy that was severely harmed by the Ukraine war, the news website highlighted.
It noted that the country has reached an agreement with the International Monetary Fund worth $3 billion, while its Gulf partners have offered billions in investment.
Bloomberg News suggested that these credit lines are often utilized to import major commodities such as food, pointing out that this development might relieve economic pressures on the Middle East’s most populous nation.
Ties between Egypt and India have grown closer in recent years, with Egyptian President Abdel-Fattah El-Sisi attending India's Republic Day celebration in January as a special guest. The Press Trust of India confirmed this week that Prime Minister Narendra Modi will likely visit Egypt later in June.
Read more: India Central Bank maintains interest rates amid easing inflation
