Min. lauds house’s approval on 2 int'l deals serving sustainable development

CAIRO - 30 March 2022: International Cooperation Minister Rania El Mashat has praised the approval of the House of Representatives of two international deals serving sustainable development.

Earlier Tuesday, the house okayed presidential decree No. 109 of 2022 approving a 360-million-dollar loan agreement between Egypt and the Asian Infrastructure Investment Bank (AIIB).

The parliament also approved presidential decree No. 110 of 2022 endorsing a 360-million-dollar loan agreement signed on January 18, 2022 between Egypt and the World Bank (WB) within the framework of Egypt Inclusive Growth for Sustainable Recovery.

The minister said in a statement that the funding of development policies by the WB and AIIB would enable the government to go ahead with carrying out structural reforms.

El Mashat noted that such funded reforms are based on enhancing financial sustainability and stimulating the participation of the private sector in development efforts through backing digital and financial inclusion.

The reforms are also based on strengthening economic empowerment of women and supporting the government’s organizational and regulation reforms to promote the participation of women in labor market.