Egypt to ask for financial help from Algeria

The Egyptian Premier Hichem Kandil will chair an important delegation made up of 6 ministers and businessmen as part of an official visit to Algeria starting from today with a view to boosting the economic cooperation between the two countries and asking for a financial help estimated at $ 1 billion Egyptian governmental sources, have revealed.

• The Algerian loan comes few days after the one given to the International Monetary Fund with a value of $ 5 billion which stirred controversy. The Algerian authorities explained the move by their intent to apply for a candidacy at the IMF Executive Board.
• The Egyptian source has indicated that Kendil’s visit to Algeria is aimed at sorting out the problem of butane shortage on the Egyptian market, knowing that Algeria is the first supplier to this country followed by Saudi Arabia.
• Hichem Kandil will be accompanied by the Foreign Minister Kamel Amrou, Information Minister Salah Abdelmaksoud, Communication Minister Hani Mahmoud, Oil Minister Oussam Kamal, Planning and International Cooperation Minister Acheref Laarbi and Agriculture Minister Hatem Salah.
• This visit is the first of its kind after the Egyptian revolution, since the last one paid by an Egyptian official to Algeria goes back to 2008 .
• Sources have indicated that in a declaration to Echouorouk that Algeria is not likely to fulfil the Egyptian request especially after giving $ 5 billion to the IMF.