Iran offers to help Egypt with 'line of credit'

Iran’s President has offered to help rescue Egypt’s failing economy with a “big credit line”, another sign of improving relations between two regional powers after a freeze of more than three decades.

Mahmoud Ahmadinejad made the proposal during the first trip to Egypt by an Iranian leader since 1979.

His country’s economy is staggering from the effects of Western sanctions over Iran’s nuclear development programme and it was unclear how he could spare funds or credit. Egypt’s government had no immediate reaction to the offer.