Within the framework of the efforts of development cooperation between Egypt and development partners, the Egyptian Ministry of International Cooperation announced that the House of Representatives had approved three development financing agreements with the World Bank Group, the French Development Agency, and Spain.
According to a statement from the Ministry of International Cooperation, the House of Representatives accepted the President of the Arab Republic of Egypt’s No.
408 of 2022, which approved a $500 million development financing deal between Egypt and the International Bank for Reconstruction and Development (the emergency project to improve food security and flexible response).
The financing approved by the Council of Executive Directors of the World Bank Group last June comes within the framework of the strategic relations between Egypt and the World Bank and with the aim of strengthening Egypt’s efforts to achieve food security, strengthening the steadfastness of the Egyptian economy in the face of the current crisis the world faces at the food level, and support its purposeful endeavors to supply a stable supply of wheat.
By providing funding to the Holding Company for Silos to design, build, and expand grain silos as well as modernise silos management systems and information systems, the new financing achieves two main goals: first, improving the elasticity of the wheat supply chain, reducing losses, and improving farms’ access to local grain markets; and second, increasing farms’ flexibility and enabling sustainable local grain production. through conducting research, developing, and disseminating highly productive wheat, enhancing agricultural counselling services, extending the early warning system to combat climate change, supplying training, and strengthening capacity.
In a connected matter, the House of Representatives approved Resolution No.
399 of 2022 regarding the approval of the simplified agreement between the Egyptian government represented by the Ministry of International Cooperation, and the French Development Agency regarding the draft development of the Tanta -Mansoura railway line – Damietta, through which the French Development Agency allows The highest amount of funding available to the Egyptian government is 95 million euros, or roughly 93 million.
A maximum grant of two million euros, or around $1. 9 million, is not to exceed $4 million.
The House of Representatives also approved the Presidential Resolution No. 409 of 2022 regarding the approval of the mutual discourse between the Egyptian government and the government of the Kingdom of Spain regarding a grant to finance the project to enhance the capabilities of the women’s complaints office in the amount of 350 thousand euros, equivalent to 344 thousand dollars..
The Egyptian Parliament accepts agreements for $595 million in development assistance.
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