Arab Finance: The Egyptian cabinet has approved the draft decision on Egypt’s subscription to the International Finance Corporation's (IFC) capital increase, as per a statement.

This contributes to maintaining the amount of Egypt’s shares in the IFC, thus, ensuring its voting rights.

The cabinet also endorsed the third amendment to the $500 million financing agreement for the Local Development Program for the Governorates of Upper Egypt, signed with the International Bank for Reconstruction and Development (IBRD).

The third amendment aims to extend the closing date of the agreement until October 31st.

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