The United States has signed three agreements in Cairo under which it has lent 94 million dollars U.
The United States has signed three agreements in Cairo under which it has lent 94 million dollars U.S. (nearly 53 million pounds sterling).
SYNOPSIS: The signing of the documents was carried out in the Ministry of Economy in Cairo by the U.S. Ambassador to Cairo, Mr. Hermann Eilts, and the Egyptian Minister of Economy and Economic Cooperation, Dr. Mohamed Zaky Shafei. One of the loans for 31 million dollars U.S. (nearly 17 and a half million pounds sterling) is for factories and materials to produce 50,000 kilometres (37,500 miles) of plastic drainage pipe. Another loan of 31 million dollars U.S. has been made to contribute to the rehabilitation of the port of Alexandria. The improvements will assist the prot in handling an additional five million tons of cargo a year by 1980. A loan of 32 million dollars U.S. (nearly 18 million pounds sterling) is being made to the newly created Industrial Development Bank of Egypt. It's intended for the money to be re-lent by the bank to industrial enterprises to expand their production capacity.
The United States Ambassador Mr. Eilts, spoke about the loans.