Egypt inks $1 billion loan deal with TurkeyOctober 2, 2012 - 21:23 AMT PanARMENIAN.Net - Egypt signed a deal to loan $1 billion from Turkey, half of the aid package Ankara promised Cairo earlier this month, Egypt's state news agency reported, according to Reuters. President Mohamed Mursi signed the loan agreement with Turkish Prime Minister Recep Tayyip Erdogan after giving a speech at Turkey's ruling AK Party conference. "President Mohamed Mursi and Prime Minister Recep Tayyip Erdogan agreed on signing a loan worth $1 billion dollars from Turkey," MENA state news agency said, quoting Egypt's finance minister. It did not give further details of the agreement. In his conference speech, Mursi spoke of strong regional policy ties with Turkey and praised it for being the first country to back the Egyptian revolution which toppled Hosni Mubarak and led to the Muslim Brotherhood winning power. Officials of Mursi's Freedom and Justice Party have said they do not look to Turkey and its AK Party as a political model. However, analysts say Egypt's new Islamist rulers are taking notes from Turkish party's success in building a regional economic powerhouse which has delivered strong growth. Battered by months of political turmoil, Egypt has been seeking to boost investor confidence in its economy. Donations and loans from the International Monetary Fund, Gulf states and other countries have played a role in raising confidence Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | 17 bridges collapse as a result of floods in Armenia As a result of floods in Armenia’s northern Lori and Tavush provinces, 17 bridges, including five large ones, have collapsed. Armenia: Top cleric to retain title as he bids to become interim PM Galstanyan said earlier that the interim government would be tasked with stopping the “destruction of our homeland”. Ex-mayor of Karabakh capital arrested in Yerevan Ex-mayor of the Nagorno-Karabakh city of Stepanakert David Sargsyan has been arrested for 20 days. 269 people evacuated amid severe floods in Armenia’s north According to the Interior Ministry, 269 people have been evacuated from their homes in Lori and Tavush provinces. |