Turkey and Egypt agree on $2 bln package

Turkey and Egypt have agreed on September 15 on the framework of a $2 billion financial package for the recovering North African country during a meeting in Istanbul between Deputy Prime Minister Ali Babacan and Egyptian Vice President Essam El Haddad. The $2 billion package aims to strengthen Egypt's foreign currency reserves and support investment in infrastructure. Turkey’s investments in Egypt currently amount to approximately $1.5 billion, and trade volume between the two countries is expected to climb to $5 billion by the year-end.