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Egypt's House of Representatives approves $255m development funding deals

Egypt's House of Representatives approves $255m development funding deals
Minister of International Cooperation Rania El-Mashat

Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, announced that the House of Representatives approved four development financing agreements worth $255 million with bilateral development partners.

The agreements are aimed at supporting the efforts of the country in various sectors, including implementing the Universal Health Insurance Law, supporting the initiative for technical education, enhancing women empowerment, supporting small- and medium-sized enterprises (SMEs), and improving the competitiveness of the Egyptian economy, El-Mashat said in a statement on Tuesday. 

The first agreement was signed with the French Development Agency (AFD) for supporting the social protection budget with a value of EUR 150 million ($181.5 million) for the implementation of the Universal Health Insurance Law, while the second agreement, valued at EUR 23.5 million ($27.8 million) was signed with the German government for supporting technical education and small- and medium-sized enterprises (SMEs) and strengthening the competitiveness of the national economy.

Moreover, the House of Representatives approved an agreement worth EUR 34 million ($41.5 million) with the German government to support energy efficiency with EUR 8 million and technical education with EUR 26 million and another agreement worth CAD 4.5 million ($3.5 million) with the Canadian government for the creation of opportunities for women in agricultural businesses in Egypt.