Ahmed Mohammed Ali

Egypt to Make Changes to Economic Reform Plan for IMF's Loan

According to Minister of Finance Al-Morsy Hegazi, Egypt is now looking for a way to change the economic reform plan in order to obtain thr IMF $ 4.8 billion loan. He further added at a meeting with the Bank Group Chairman Ahmed Mohammed Ali that a few domains of cooperation between both sides will eventually be able to ease the burden off the country's budget. Several Egyptian projects will be financed by the Bank under different systems.

ICIEC board approves capital increase

The board of directors of ICIEC approved a proposal to increase its capital increase, at its 62nd meeting held at the Islamic Development Bank headquarters.
The meeting, held under the chairmanship of Ahmed Mohammed Ali, gave approval to increase the ICIEC capital resources from ID150 million ($240 million) to ID400 million ($640 million).

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