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Egypt’s House of Representatives approves 4 development financing agreements worth $217m - Daily News Egypt

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Egypt’s House of Representatives approves 4 development financing agreements worth $217m

Agreements aim to implement projects in wastewater management, water desalination in Sinai, and development of SMEs

Egypt’s Minister of International Cooperation Rania Al-Mashat has announced that the House of Representatives approved four development financing agreements worth $217m.

The agreements were signed with development partners to implement a number of projects in wastewater management, water desalination in the Sinai Peninsula, and the development of small- and medium-sized enterprises (SMEs).

This comes alongside a development financing agreement that aims to strengthen government institutes, to enhance the public services. These projects fall within the Ministry of International Cooperation’s framework of supporting the national development agenda across various sectors.

Under Presidential Decree No 76 for 2021, the House of Representatives approved a second loan agreement worth $183m between the Egyptian Government and the Kuwait Fund for Arab Economic Development (KFAED). The loan will go towards financing the establishment of the Bahr El-Baqar Drainage System.

A further collaboration with KFAED was also approved, according to Presidential Decree No 77 for 2021. This relates to development financing worth $18m, and will establish two seawater desalination plants in the cities of New Rafah and New Bir El-Abd.

The House of Representatives gave its backing to Presidential Decree No 17 for 2021, which approves amending the executive protocol signed between the Egyptian and Italian governments.

This relates to the $15.4m Italian credit line with the Micro, Small and Medium Enterprises Development Agency (MSMEDA), formerly known as the Social Fund for Development), to finance MSMEs. 

The parliament also acknowledged Presidential Decree No 71 for 2021, which approves exchanged letters between Egypt and the Spanish Agency for International Development Cooperation (AECID). 

This relates to the agency’s support to the Egyptian Government with a grant worth $238,000 to finance the project of “Strengthening the Egyptian Governmental Institutes with the Aim of Improving Public Service”.

Minister Al-Mashat noted the importance of the approved agreements to implement several development projects especially in the Sinai Peninsula.

This will take place by making several funds available catering to various sectors and to invest in human capital.

As part of this, it will achieve agricultural and infrastructural development, and to provide public services, water and sanitation services, and education. 

In addition to developing residential communities, Minister Al-Mashat said that her Ministry pushes for strong multilateral and bilateral partnerships to support the implementation of development projects within the Sinai Peninsula Development Program.

She indicated that the Ministry of International Cooperation is working towards advancing partnerships to promote effective development cooperation.

It is through the three principles of Economic Diplomacy, namely a Multi Stakeholders Platform, the Official Development Assistance (ODA) mapping of the Sustainable Development Goals (SDGs), and the Global Partnerships Narrative that puts “People at Core”, “Projects in Action”, and “Purpose as the Driver”.

The minister stated that the approved agreements stimulate the implementation of several SDGs, namely: SDG1 on Ending poverty in all its forms; SDG2 on Zero Hunger; SDG6 on Clean Water and Sanitation; SDG8 on Decent Work and Economic Growth; Sustainable Cities and Communities; and SDG11 on Peace, Justice and Strong Institutions.

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