Parliament ratifies grant from US to enhance economic governance
Updated 10/9/2024 8:54:00 AM
Arab Finance: The House of Representatives has approved the fourth amendment to the comprehensive economic governance grant agreement between Egypt and the US, as per a statement.
The amendment includes adding a sum of $13.5 million, bringing the total US contribution to the deal to $109.96 million.
The grant will be directed toward supporting comprehensive economic governance activities in Egypt and socioeconomically marginalized groups, as well as expanding women’s participation in the economy.
Furthermore, the parliament authorized a grant worth $2 million from the African Development Bank (AfDB) to fund the second phase of the feasibility studies for the VICMED project, a navigational line between Victoria Lake and the Mediterranean.
This is in addition to ratifying the second amendment to a technical assistance grant from the European Bank for Reconstruction and Development (EBRD) for Cairo Metro Line 1.
As per the amendment, the value of the grant is set at €3.851 million.
Also, the parliament greenlit a loan agreement worth €25 million funded by the European Union (EU) to promote job creation and improve vocational and technical skills of the youth via offering training programs.
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