Egypt’s parliament approves 10 global pacts worth more than $400 million

By Amwal Al Ghad English On Nov 3, 2020

Egypt's International Cooperation Minister Rania Al-Mashat — Rania al-Mashat, Egypt's international cooperation minister

Egypt’s parliament has approved 10 agreements signed with a number of international institutions worth more than $400 million, the country’s Minister of International Cooperation Rania Al-Mashat said on Monday.
The agreements aimed to support agriculture, women’s empowerment, and small and medium-sized enterprises (SMEs). They include four deals signed with the United States that amount to around $33.4 million. One of them is a deal for rural development and increasing farmers’ incomes by $4.2 million.
The agreements also involve $4 million to develop science and technology and $10 million to improve and strengthen the health sector.
There are also five agreements signed with Spain, France, Canada, and the OPEC Fund for International Development (OFID).
The OPEC Fund’s $95 million loan deal aims to support micro, small, and medium-sized enterprises (MSMEs). As for the agreement with Spain, it was a grant worth €200,000 signed with the Spanish Agency for International Cooperation for Development, designed to finance a project to create job opportunities for women in Upper Egypt.
In addition, Egypt’s agreement with Canada amounts to $8.9 million for a project on the economic empowerment of women.
Parliament also approved an agreement worth €225 million with the African Development Bank (AfDB). It aims 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.
According to Minister Al-Mashat, the projects covered by these agreements achieve a number of the UN’s sustainable development goals. They are 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.