Banking & Finance Egypt signs $595m financing pacts for economic development By Pramod Kumar October 20, 2022, 5:44 AM NurPhoto/Mahmoud Elkhwas Egypt has completed development financing pacts with multilateral and bilateral development partners worth $20 billion in the past two years Egypt has approved three development financing agreements with the World Bank Group, French Agency for Development and Spain worth $595 million, Egypt Today newspaper reported. The new financing will improve the wheat supply chain, reduce waste and improve farm access to local grain markets by providing financing to the Silos Holding Company to design, build and expand grain silos and modernise silos management and information systems. The report said the agreement will further enhance farm resilience and boost local production of sustainable cereals through research and development and high-yielding wheat varieties, among other initiatives. Moreover, the parliament approved the agreement between the Ministry of International Cooperation and the French Development Agency on a project to develop the Tanta-Mansoura-Damietta railway. They also approved an agreement with Spain to finance a project to strengthen the capabilities of the Women’s Complaints Office. In the past two years, the ministry has completed development financing agreements with multilateral and bilateral development partners worth $20 billion, the report said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
