Egyptian Parliament approves $131M agreement with AfDB for budget support program
Updated 12/31/2024 8:56:00 AM
Arab Finance: Egypt's House of Representatives has approved Presidential decree No. 383 of 2024 sanctioning an agreement with the African Development Bank (AfDB) to finance the first phase of a budget support program aimed at private sector development and economic diversification, The Egyptian Ministry of International Cooperation announced in a statement.
The agreement, worth $131 million, is part of broader efforts to support Egypt’s general budget and advance structural reforms.
The program with the AfDB focuses on two primary goals: boosting private sector investments by improving the investment climate and promoting competition, and fostering economic diversification and green transformation by strengthening key productive sectors, particularly industry and agriculture while advancing the transition to a green economy.
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