Sisi approves agreement for Egyptian Electricity Holding Company and development of water system in North Sinai

MENA , Thursday 20 Sep 2018

Egypt's President Abdel-Fattah El-Sisi (Photo: Reuters)

Egypt's President Abdel-Fattah El-Sisi has issued a decree approving a $1.9 billion grant agreement in order to apply international standards for the preparation of financial reports for the Egyptian Electricity Holding Company (EEHC).

The agreement, signed in Cairo, is between the Investment and International Cooperation Ministry and the European Bank for Reconstruction and Development (EBRD). It was signed on August 6, 2017. The grant is worth $1,969 billion.

The President also ratified a loan agreement between the Government of Egypt and the Kuwaiti Fund for Economic Development for the development of the drinking water system in North Sinai's Al-Arish city. Worth 12.5 Million Kuwaiti dinars ($41.2 million), the agreement was signed in Kuwait on 19 November 2017.

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