Egypt secures $1.6bn loan

The African Development Bank has agreed to lend Egypt $1.6bn, money which will help it weather the effects of the 11 September crisis.

The loans - to finance infrastructure and human development projects - are expected to be extended over the next three years.

Egypt's economy has been badly affected by the sharp decline in income from tourism after the 11 September attacks.

Badly needed

"It certainly will make a difference to Egypt. Egypt has suffered quite considerably since the 11 September attacks," Ben Faulks, an author and Egypt specialist, told the BBC's World Business Report, citing the fall in income from tourism.

"Egypt is suffering a balance of payments problems... It badly needed this money," he said. "I expect to see more of it come from other sources, particularly Arab funds."

The money could be used to finance outstanding large-scale infrastructure projects, which the government has yet to complete.