Libya to Give Egypt $2bn

Libya is to give cash-strapped Egypt a boost as the Arab world's most populous nation struggles to secure an IMF loan to ease its deepening economic crisis.

Egypt's state news agency MENA reported that Libya had signed an agreement to give Cairo a $2 billion loan "to support the Egyptian economy and the state budget and foreign currency reserves". There was no immediate official confirmation from Libya, according to Reuters.

The interest free loan is repayable in five years, with a grace period of three years, an Egyptian Finance Ministry official told MENA.

A previous report of assistance from Libya to Egypt was denied by Libyan officials.

(Sources: Reuters)

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