Parliament endorses €53M loan deal with IFAD

CAIRO, Oct 21 (MENA) - The House of Representatives approved Monday a €53 million loan and €860,000 grant agreement to promote resilience in desert environments.

During its session, the House reviewed a report prepared by its agriculture, irrigation, food security and economic affairs committee on Presidential Decree No. 486/2019 approving the finance agreement, signed with the International Fund For Agricultural Development (IFAD) in February 2018.

The committee said the deal would serve the goals of Egypt Vision 2030 for sustainable development, which include reducing the poverty rate by creating job opportunities and enhancing resilience to harsh climate conditions in desert environments, in tandem with a national project to reclaim 1.5 million feddans to make the optimum use of the state's natural resources.

The parliament also endorsed a presidential decree on increasing the value of a grant dedicated to establishing Abu El-Rish Hospital's Outpatient Clinics from 1.560 to 1.983 billion Japanese Yen.