Skip to content Skip to Search
Skip navigation

Egypt signs $595m financing pacts for economic development

By Pramod Kumar
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.

Latest articles

Turkey oil gas Somalia

Search for oil off Somalia has double motive for Turkey

Turkey’s search for oil and gas off the coast of Somalia is not just a bid to free it from a dependence on imports, observers say – the move has a geopolitical aspect, too. On October 5 the 4,800-tonne energy research vessel Oruç Reis sailed through Istanbul’s Bosphorus Strait on the first leg of its […]

The Oman desert at night. Its location near the equator makes it suitable for its planned spaceport, alongside its satellite

Oman to acquire its first national satellite

Oman is in the process of acquiring its first national satellite, the head of the country’s space programme has revealed. As part of the sultanate’s national development plan, Vision 2040, it aims to have the information and communication technology sector, which includes space technology, contribute 10 percent to the overall GDP by 2040.  “Oman is […]

Abu Dhabi has issued new tenders to enhance storm infrastructure in areas severely impacted by April’s unprecedented rainfall

Storm infrastructure upgrade for Abu Dhabi goes out to tender

Tenders to enhance storm infrastructure have been issued by Abu Dhabi in areas severely impacted by April’s rainfall, the heaviest in 75 years. The tenders include projects in Al Dhafra, such as upgrading rainwater drainage networks in Ghayathi, constructing a stormwater network in Delma City and designing a main stormwater line in Madinat Zayed. A […]

Wynn licence

Wynn scores UAE’s first commercial gaming licence

Wynn Resorts, the US hospitality group, has won the first commercial gaming operator’s licence in the UAE. The company, which has its headquarters in Las Vegas, is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah, which is expected to open in 2027. The resort has now been licensed by […]