Three development deals worth $885 mln signed with Arab funds since January: Egypt’s int’l cooperation minister

SourceAhram
SectorEconomy
CountryGCC

Egypt inked three development agreements worth about $885 million with Arab funds between January and August, the international cooperation ministry said on Tuesday. The funds will be used for Sinai development, to support structural reform in the management of public finances, and to strengthen the health ministry’s capacity to combat COVID-19, the ministry said in a statement. International Cooperation Minister Rania Al-Mashat said that one of the agreements had been signed with the Arab Monetary Fund to support structural and institutional reform to increase the efficiency of the management of public finances. That deal was worth 153.5 million Arab Accounting Dinars (AAD), equivalent to $637.9 million. Al-Mashat said the agreement comes within the framework of Egypt’s economic reform programme, underway since 2016, which aims to promote resilience and ...read more...