Egypt’s parliament has approved a $1.74 million agreement with the World Bank agencies the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), the Ministry of International Cooperation said in a statement on Tuesday.

The agreement aims to improve Egypt’s investment environment.

International Cooperation Minister Rania Al-Mashat explained that the agreement, which was signed in November, targets supporting investor service centres, the process for issuing licences, achieving transparency regarding industrial land allocation, and enhancing digital transformation and improving information and communication technology.

The head of parliament’s economic affairs committee Ahmed Samir said that the agreement is part of the government’s drive to improve the investment environment in Egypt and it contributes to attracting more investments in accordance with the government’s efforts regarding enhancing its long-term economic policies.

The IBRD and the IDA are implementation support agencies for the MENA transformation fund that was established in 2012 in order to support MENA countries through technical cooperation to enhance governance, public institutions, and inclusive and sustainable economic growth in the region.

The cooperation portfolio between Egypt and the World Bank Group amounts over $8.6 billion, including $6.44 billion with the World Bank (IBRD) and $2.2 billion with the IFC.