Parl't approves two agreements at $743.3M with development partners

CAIRO - 26 August 2020: International Cooperation Minister Rania Mashaat said the parliament has approved two agreements – at $ 743.3 million - with the International Bank for Reconstruction and Development (IBRD) and the Arab Fund for Economic and Social Development.

The agreements are meant to finance social housing projects and a sewage grid in Bahr el Baqar area.

This falls within the framework of the ministry’s efforts to coordinate with multilateral and bilateral development partners to support the national development agenda, she said, referring to the platform launched by the ministry in April to serve this end.

In a statement on Wednesday, Mashaat expounded that coordination with development partners is based on three main axes; investing in human capital, proceeding with ongoing projects to serve sustainable development, and engaging in international partnerships.

The first agreement – which was signed with IBRD in July – offers $ 500 million additional funds for the Inclusive Housing Finance Program aiming at improving the living conditions of the low-income brackets through having decent houses.

The minister hailed ongoing cooperation with the IBRD in various development scores with about 16 projects being implemented at $ 4.8 billion.

The parliament has also approved a 75 million Kuwaiti dinar agreement which the ministry inked with the Arab Fund for Economic and Social Development.

This agreement is meant to bankroll the establishment of a sewage network for Bahr el Baqar area.

The project will help boosting agricultural production, linking the Sinai Peninsula with Delta, creating jobs and improving services.

Within this context a water treatment station will be established with a capacity of treating 5 million cubic meters daily in order to secure enough water for irrigating 230,000 feddans.

The sewage network of Bahr el Baqar is expected to cost about $1 billion.