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Monday, 8 October 2018

Egypt, IDB sign USD 3 bn cooperation framework for 2019-21

Egypt, IDB sign USD 3 bn cooperation framework for 2019-21: Egypt and the Islamic Development Bank (IDB) signed a USD 3 bn cooperation framework between them for 2019 to 2021, according to a statement from the Investment and International Cooperation Ministry. The framework, which governs funding allocation and cooperation programs between the two, will rest on four avenues of cooperation: renewable energy and sustainable development, infrastructure development, trade and private sector support, and human resources training. The agreements will also see the IDB move its regional headquarters to Cairo. It is worth noting that Egypt signed in September two agreements to unlock a total of USD 3 bn in financing from the International Islamic Trade Finance Corporation, a subsidiary of the IDB.

Separately, Egypt signed an agreement with the UNDP that would unlock USD 31.5 mn in funding from the Green Climate Fund to help mitigate the impact of climate change and rising sea levels in the North Coast, Ahram Online reports.

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