President Sisi ratifies Islamic credit facilities deal between Egypt, UAE’s First Abu Dhabi Bank

CAIRO – 22 October 2020: Egyptian President Abdel Fattah El Sisi ratified an Islamic credit facilities agreement worth $510 million between Egypt’s Ministry of Finance and First Abu Dhabi Bank (FAB),

The agreement was signed in July 20 and was approved by the Egyptian House of Representatives a month later.

The decision was published in Egypt’s official gazette.

The president also issued a decree approving the fifth amendment to an aid grant agreement between the Egypt and the US regarding the Egyptian-American Higher Education Initiative, signed in Cairo late in June this year.

Among the ratified decisions was also a decision to reallocate an area of 70.54 feddans, to be used in the establishment of rural homes for those affected by the floods.