India is providing credit line to Egypt, says report

India is providing Egypt with a credit line worth an unspecified value, Bloomberg News reported on Monday, citing Egyptian Supply Minister Ali Moselhy. The minister did not give further details on the facility, Bloomberg reported.

The Indian finance ministry did not immediately respond to a Reuters' request for comment, while the Egyptian supply minister was not reachable for comment.

Indian Prime Minister Narendra Modi is set to visit Egypt later this month as the two countries seek to become strategic partners, according to media reports. Egypt is trying to stabilize its economy after the Russian invasion of Ukraine last year rocked its tourism industry, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets.

Inflation has risen sharply over the last year in Egypt after a series of currency devaluations, a prolonged shortage of foreign currency, and continuing delays in getting imports into the country.

The supply minister told Reuters in May the country's state grains buyer had deferred opening letters of credit to pay for wheat imports to alleviate financial pressures caused by a foreign currency shortage. The country has plans of selling state assets to meet its debt repayment commitments.