P. M. BRIEFING : Britain Aids Egyptian Coal Venture
Britain has agreed to give Egypt $85 million in grants and loans to develop a coal mine in the Sinai Peninsula that has been closed since the 1973 war with Israel, British officials said today.
A $21-million grant and $64 million in government-guaranteed loans will be provided under an agreement signed by Britain’s Morgan Grenfell company and Egypt’s Bank of Alexandria. The bank will channel the money to Egypt’s Sinai Coal Co., which plans to develop the Meghara coal mine in North Sinai over four years, the officials said.
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