Egypt’s Minister of International Cooperation Rania Al-Mashat announced that Egypt’s House of Representatives has approved 10 agreements worth over $400m to support agriculture, women’s empowerment, and small- and medium-sized enterprises (SMEs).
The agreements will promote sustained, inclusive, and sustainable economic growth in Egypt.
The House of Representatives approved four agreements signed between the Ministry of International Cooperation and the US, which amount to about $33.4m.
These agreements include Presidential Decision No 477 regarding approval of the Fifth Amendment on the Assistance Agreement signed with the US. The agreement, worth $4.426m, is aimed at rural development and increasing farmers’ incomes. Another agreement, Presidential Resolution No 474 of 2020, worth $15m, relates to the Fourth Amendment on basic education.
The approval also includes Presidential Decree No 484, regarding approval of the Fifth Amendment to the Aid Grant Agreement with the US, worth $4m, regarding cooperation in the field of science and technology. The final agreement approved is Presidential Decree No 473 of 2020, relating to the third amendment of the aid grant agreement between Egypt and the US to improve health outcomes for target groups, with an amount of $10m.
Minister Rania Al-Mashat noted that these agreements come under the new Global Partnerships Narrative, which is based on three main pillars: people at the core; projects in action; and purpose as the driver. These pillars have been implemented in order to achieve the 2030 National Agenda, in line with the 17 Sustainable Development Goals (SDGs).
The current joint Egyptian-US portfolio includes 12 projects totalling $1861.974m, a portion of which will go towards financing three projects in the housing sector worth $554.991m. Financing will also go towards: four projects in the education sector worth $1015.551m; one project in the health sector worth $31.086m; and another in the agricultural sector worth $72.598m.
The House of Representatives also approved five agreements between the Ministry of International Cooperation with the OPEC Fund for International Development, Spain, France and Canada.
These agreements include Presidential Decree No 454 of 2020, approving a $95m loan agreement between Egypt and the OPEC Fund for International Development to support medium, small and micro enterprises.
Another agreement is covered by Presidential Decree No 403, regarding the Spanish Agency for International Development Cooperation (AECID), to provide a grant worth €200,000. The grant will be used to finance the project entitled “Creating job opportunities for women in Upper Egypt”.
It also includes Presidential Decree No 447 regarding a Spanish grant worth €150,000 to finance the project “Creating job opportunities for Youth”; and Presidential Decree No 404 regarding the tripartite partnership agreement to implement the “Technical Assistance for the Development of Wholesale Trade in Foodstuff Markets in Egypt” programme, worth €700,000. The latter agreement was signed between Egypt and the French Development Agency (AFD).
The agreement under Presidential Decree No 367 of 2020 relates to an $8.9m agreement between Egypt and Canada on the “Economic Empowerment of Women for Inclusive and Sustainable Growth in Egypt” project.
The House of Representatives also approved an agreement with the African Development Bank (AfDB), worth a total of €225m, to support infrastructure and green recovery. This will take place by increasing the expansion of renewable energy, and improving the financial sustainability of Egypt’s electricity sector. The agreement will be implemented with the aim of ensuring greater participation of Egypt’s private sector to unlock the country’s green transformation.
Through its mapping exercise, the Ministry of International Cooperation seeks to align the SDG goals with each development project. Minister Al-Mashat noted that the projects previously mentioned achieve: Goal 3 for good health and wellbeing; Goal 4 for quality education; Goal 5 for gender equality; Goal 8 for decent work and economic growth; Goal 9 for industry, innovation and infrastructure; Goal 11 for sustainable cities and communities; Goal 13 for climate action; and Goal 17 for partnerships for goals.