Sunday, 29 May 2016

Egyptian cabinet decisions — 26 May 2016

CABINET ROUNDUP: Cabinet met on Thursday, 26 May 2016 with Prime Minister Sherif Ismail at the head of the table. Among other things, ministers:

  • Approved a USD 2.5 bn Saudi grant to support the “Egyptian economic program.”
  • Approved a KWD 30 mn (USD 108 mn) loan from the Kuwait Fund for Economic Development to finance the Atfeeh power plant in South Helwan, reports Al Mal. The project will add 1,950 MW in generation capacity and will see the station connected to the national grid through 500 kV transmission cables.
  • Approved an agreement with the German government to provide financial assistance to an education program through an EUR 8 mn contribution from the KfW Development Bank.
  • Approved an agreement that will see the German International Cooperation Agency (GIZ) contribute EUR 25 mn towards projects including water resources management, new and renewable energy, energy efficiency, and recycling.
  • Approved a USD 101 mn equivalent loan from the Japanese International Cooperation Agency (JICA) to build a 20 MW solar power in Hurghada.
  • Approved a USD 165 mn-equivalent loan from JICA to finance the Borg Al Arab Airport expansions.
  • Approved a cooperation agreement with Saudi Arabia on the peaceful use of nuclear energy.
  • Approved a EUR 68 mn agreement with the French Development Agency (AFD) to finance a project connecting natural gas to 2.4 mn homes.
  • Approved a EUR 61 mn agreement with AFD to finance a regional electricity transmission control center in the Delta region
  • Approved amending an MoU with Spain to increase remaining funds allocated towards projects to EUR 300 mn from EUR 175.8 mn.

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