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Tuesday, 17 January 2023

The House greenlights a batch of development loans, grants + a bill allowing fresh oil exploration in North Sinai

The House of Representatives approved a set of development loans and grants yesterday in food security, infrastructure, education, and healthcare.

  • A USD 271 mn loan from the African Development Bank to boost food security and resilience this fiscal year in the wake of supply shocks brought on by the Russia-Ukraine conflict.
  • A USD 13 mn grant from USAID to support family planning, birth control, and reproductive health services across the country, and a separate USD 5.7 mn USAID grant for primary education.
  • An EUR 3 mn grant from the French Development Agency (AFD) to develop the infrastructure of four informal settlements in Cairo and Giza, and an EUR 2 mn grant from the AFD to finance the teaching of French in public schools.

Brenco, EGPC get the go-ahead for North Sinai oil exploration: The House also passed a law that allows Oil Minister Tarek El Molla to contract the Egyptian General Petroleum Corporation and Brenco to explore for oil offshore North Sinai.

AND- The House Economic Affairs Committee continued the discussion of the Unified Ins. Act it began on Sunday. Approved by the Senate last April, the bill has been more than four years in the making and would give the Financial Regulatory Authority (FRA) broad new powers to regulate the sector, make ins. compulsory for SMEs and freelancers, and set up new economic courts to mediate disputes.

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