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Sources told Al Mayadeen: Russia's position on Iran's right to peacefully enrich uranium has not changed during ongoing contacts between the two countries
Diplomatic sources to Al Mayadeen: Iran has not received any Russian offer to halt uranium enrichment on its territory
Syrian, Israeli officials to meet in Baku: AFP, citing diplomatic source in Damascus
Fuel shortages in Gaza at 'critical levels', UN warns
Israeli media: Three soldiers were injured by an explosive device in southern Gaza, and a fourth was wounded in the north
Al Mayadeen's correspondent in Gaza: Approximately 80 Palestinians have been killed since dawn in the latest wave of escalating Israeli aggression on the Gaza Strip, according to an initial toll
Araghchi: The risk of radiation spreading in nuclear facilities is serious, and there is also the risk of the explosion of war munitions left behind by the US aggression
Araghchi: Iran's cooperation with the International Atomic Energy Agency will not end, but it will take a different form in the future to ensure the security of nuclear facilities
Araghchi: Iran's nuclear program was and will remain peaceful, and Iran has not withdrawn from international treaties
Iranian Foreign Minister Abbas Araghchi meets with ambassadors and heads of foreign missions in Iran

India providing Egypt with 'unspecified value' credit line: Cairo

  • By Al Mayadeen English
  • Source: Bloomberg News
  • 12 Jun 2023 17:26
2 Min Read

Bloomberg says these credit lines are often utilized to import major commodities such as food.

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  • Egypt India
    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.

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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

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