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OPIC - Overseas Private Investment Corporation, an independent agency of the US Government, has extended $150 million credits to be invested in Egypt via Citibank Egypt, including $125 million loan to Citadel Group for Financial Investments. This was reported in the media indicating that the development is a part of the the earlier announced OPIC plan to support Tunisia, Libya, Egypt and Jordan. The loan to Citadel Group aims at financing domestic and regional expansion projects. OPIC initiative is part of a package of economic assistance announced by President Obama including the write-off of $3 billion debts over the next three years among other facilities to support small and medium sized projects.
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