House of Representatives approves multiple int’l loan and aid agreements
The House of Representatives approved a number of international loan and aid agreements, including three loans worth USD 942 mn from the Japanese International Cooperation Agency (JICA), the Kuwait Fund for Arab Economic Development and the European Investment Bank (EIB) for power projects. JICA’s USD 243 mn loan will go towards upgrading the power grid, Al Mal reported. The 40-year facility carries an annual interest rate of 1.3%. The KWD 30 mn (USD 99 mn) Kuwait Fund loan will help finance the electricity interconnection project between Egypt and Saudi Arabia, Al Mal reports, while the USD 600 mn EIB loan will fund the 1.8 GW Damanhour power plant, Al Mal reported. The House also approved an EUR 8.6 mn credit line from the Italian government to the Social Fund for Development to help SME development, Al Borsa reported. The House also approved a MoU signed with the EU which could potentially expand aid from the EU to EUR 380 mn from a current aid framework of up to EUR 257 mn.