Egypt's President Abdel-Fattah El-Sisi ratified the African Development Bank's (AFDB) decree that allows increasing Egypt's shares in the bank's capital by 1,550 shares, including 93 paid shares and 1,457 back-feature shares.
This brings the total of Egypt’s shares in the AFDB to 10,099 shares.
The decree comes in response to the AFDB's decision to allocate more shares of the bank's capital for the country.
The decree also states that Egypt will pay the value of the shares in US dollars.
In September 2019, the AFDB’s board issued its decision allocating additional shares in its capital for Egypt under the rules of transferring the ownership of the available shares for subscription over the period ending on 30 April 2019.
The decision was approved by the Egyptian House of Representatives and referred to El-Sisi for ratification in April.
El-Sisi also ratified an economic and technical cooperation agreement with the Chinese government.
in 2019, Egypt and China signed an agreement to provide educational equipment for the Egyptian-Chinese School for Applied Technology at the Suez Canal University for $10 million.
Developmental cooperation projects between Egypt and China have reached $1.6 billion in the transportation, housing and education sectors, while Chinese investments in Egypt have hit approximately $7 billion.
The president also approved an agreement with the Latvian governments stipulating the mutual exemption from entry visas for holders of diplomatic passports.
The agreement was signed in the Latvian capital, Riga, in October 2019.
The three presidential decrees were published in the official gazette on Thursday.