Britain has offered the Egyptian government a ten million pounds sterling low-interest loan, It was announced in Parliament last night by the Minister for Overseas Development, Richard Wood.
Wood said that the loan, to be extended over a four-year period, will be repayable over 25 yeas at two percent Interest. He said the Egyptians would be given a seven-year period of grace during which no repayments of principal will be made. According to Wood, the loan will be used to purchase British goods and services. Reports from Cairo said the Egyptian government is pre-pared to enter the deal.
(West Germany and Egypt have signed a technical assistance agreement in Cairo, it was reported today from Bonn. The two countries resumed diplomatic relations in June, 1972 Under the agreement Bonn will establish a training canter for teachers and technicians in Egypt. The agreement also corers cooperation in education and training in general, tourism, hotel management and land clearance for cultivation.)
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