India considers providing Egypt with USD 1 bn line of credit for local projects

India is considering providing Egypt with a USD 1 bn line of credit to finance local projects, India’s ambassador in Cairo Sanjay Bhattacharya, Al Shorouk reports. The funding would be part of a USD 10 bn line of credit India is extending to its African partners, USD 4.5 bn of which have already been disbursed to several African countries, Bhattacharya tells Al Borsa. Egypt and India will reach a final agreement on the projects that will receive the funding and the exact amount of funding needed within four months, the ambassador said, without providing further details.