Egypt’s Cabinet approves IFAD, KfW funding agreements

The cabinet approved at a meeting on Wednesday under Prime Minister Moustafa Madbouli a presidential draft decision on an agreement between Egypt and the International Fund for Agricultural Development on granting Egypt a loan of 53.2 million euros.

The agreement is aimed at reducing poverty through boosting food security in rural areas in Egypt and supporting poor families.

Also, the cabinet approved another draft decision on an agreement between Egypt and the German Bank for Reconstruction granting Egypt a loan of 225 million euros.

The funds will be allocated for enhancing the Egyptian social and economic reform programs.