Arab Finance: The Egyptian cabinet has approved the presidential draft resolution on the consultative cooperation agreement to support the selection of investment plans for the sustainable green industry project, which is valued at €500,000 as a grant from the European Investment Bank (EIB), a statement showed.

The cabinet has also approved the presidential draft resolution on an agreement to amend the agreements with the Islamic Development Bank (IsDB) on abandoning the London interbank offered rate (LIBOR) as the reference interest rate and replacing it with the secured overnight financing rate (SOFR).

Moreover, it ratified a presidential draft decree on the financial cooperation agreement between the Egyptian and German governments to finance the projects implemented under the National Solid Waste Management Program, the Technical Support to the Comprehensive Technical Education Reform Initiative (TCTI), and risk management mechanisms.

Additionally, it approved the deferral of applying the 15% increase imposed on the usufruct fees collected from firms operating in free zones for one year as of January 1^st, 2024.

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