Egypt’s House of Representatives approved on Monday a grant agreement between the US and Egypt governments.
The "Comprehensive Economic Governance" agreement, signed in September 2020, is meant to reinforce transparency in Egyptian governance systems which cover the economy, economic courts, women empowerment, and support for marginalised classes.
A report prepared by the House's economic and foreign affairs committees said the US grant agreement will help Egypt achieve comprehensive economic reforms across all sectors.
"The reforms achieved economic stability, boosted national economic growth rates, cut inflation, and generated job opportunities. But they cannot be comprehensive without structural reforms leading to a tangible improvement in the investment climate, fighting corruption, and enhancing transparency," said the report.
"The grant comes to serve these objectives because it helps government services and policy plans be more comprehensive, efficient and transparent," it added.
The House's approval of the grant will lead to increasing its value from $27 million to $50 million.
The ministries of justice, international cooperation, social solidarity, planning and economic development, and the National Council for Women will be responsible for implementing the agreement.