Loan agreement of $1 billion sşgned between Turkey and Egypt

Turkey and Egypt have signed a loan agreement of $1 billion during a meeting attended by Prime Minister Recep Tayyip Erdogan and Egyptian President Mohamed Morsi. A written statement made by Deputy Prime Minister Ali Babacan's press office said that Babacan and Egyptian Finance Minister Momtaz al-Saeed signed the loan agreement, and that both parties are also working on a $1 billion financing scheme that will be shaped by Turk Eximbank to finance the export of goods and services to Egypt from Turkey. The statement added that these efforts are expected to boost economic and commercial relations between the two countries significantly in the near future.