Egypt parliament approves 10 international agreements worth over $400 million

Doaa A.Moneim , Monday 2 Nov 2020

The agreements include four deals with the US that amount to around $33.4 million

File photo of the Egyptian House of Representatives

Egypt’s parliament has approved 10 agreements with a number of international institutions worth over $400 million to support agriculture, women’s empowerment and small and medium-sized enterprises (SMEs), Minister of International Cooperation Rania Al-Mashat announced on Monday.

The agreements include four deals with the US that amount to around $33.4 million, which include a deal for rural development and increasing farmers’ incomes by $4.2 million.

The agreements also include $4 million to develop science and technology and $10 million to improve and strengthen the health sector.

The approval also includes five agreements with Spain, France, Canada, and the OPEC Fund for International Development.

These agreements include a loan deal between Egypt and the OPEC Fund to support micro, small and medium-sized enterprises (MSMEs) worth $95 million, as well as a deal with the Spanish Agency for International Cooperation for Development for a grant worth €200,000 to finance a project to create job opportunities for women in Upper Egypt.

The agreements also include a $8.9 million deal with Canada for a project on the economic empowerment of women.

Parliament also approved an agreement with the African Development Bank worth €225 million to support infrastructure and green recovery by increasing the expansion of renewable energy and improving the financial sustainability of the electricity sector to ensure greater participation by the private sector in enabling Egypt’s green transformation.

Minister Al-Mashat said that the projects covered by these agreements achieve a number of the UN’s sustainable development goals: Goal 3 for good health and wellbeing, Goal 4 for quality education, Goal 5 for gender equality, Goal 8 for decent work and economic growth, Goal 9 for industry, innovation and infrastructure, Goal 11 for sustainable cities and communities, Goal 13 for climate action and Goal 17 for partnerships for the goals.

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