Cabinet approves development loans, grant worth combined EUR 278.9 mn
CABINET WATCH- Cabinet approves development loans, grant worth combined EUR 278.9 mn: The Madbouly Cabinet approved yesterday a second, EUR 225 mn (c. USD 250 mn) tranche of a USD 450 mn facility from Germany’s KfW development bank to close the state budget’s financing gap, according to a cabinet statement. The agreement on the tranche was signed last month. Cabinet also approved a recently-signed EUR 53 mn facility and a EUR 860k grant from the International Fund for Agricultural Development to finance the Promoting Resilience in Desert Environments (PRIDE) project. The project aims to improve the productivity of desert land reclaimed in rural areas around Marsa Matrouh.
Cabinet also approved yesterday:
- A cooperation protocol between the Antiquities Ministry and the Armed Forces Engineering Authority to move ahead with EGP 320 mn-worth of renovation works in Luxor’s Sphinx Avenue;
- A request by the Irrigation Ministry to build an inland port on the Nile near the Egyptian Revolutionary Command Council in Zamalek.