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Egypt signs $595m financing pacts for economic development

NurPhoto/Mahmoud Elkhwas
Egypt has completed development financing pacts with multilateral and bilateral development partners worth $20 billion in the past two years

Egypt has approved three development financing agreements with the World Bank Group, French Agency for Development and Spain worth $595 million, Egypt Today newspaper reported.

The new financing will improve the wheat supply chain, reduce waste and improve farm access to local grain markets by providing financing to the Silos Holding Company to design, build and expand grain silos and modernise silos management and information systems.

The report said the agreement will further enhance farm resilience and boost local production of sustainable cereals through research and development and high-yielding wheat varieties, among other initiatives.

Moreover, the parliament approved the agreement between the Ministry of International Cooperation and the French Development Agency on a project to develop the Tanta-Mansoura-Damietta railway.

They also approved an agreement with Spain to finance a project to strengthen the capabilities of the Women’s Complaints Office.

In the past two years, the ministry has completed development financing agreements with multilateral and bilateral development partners worth $20 billion, the report said.