< Arab Finance - News - Egypt’s parliament passes $28.3M investment agreement with US
Count Down to relaunch

Egypt’s parliament passes $28.3M investment agreement with US

Egypt’s parliament passes $28.3M investment agreement with US

ArabFinance: The Egyptian House of Representatives has approved the fifth amendment to the investment and trade agreement with the US, which includes a grant of $28.3 million, Minister of International Cooperation Rania El-Mashat stated in an official statement on April 17th.

The investment and trade agreement initially came into force in 2014 at a value of $39 million, followed by five amendments that were signed in 2015, 2018, 2019, 2020, and 2021, bringing the total development grant offered within the framework of the agreement to about $155 million, El-Mashat highlighted.

As per the fifth amendment, a group of activities will be executed in collaboration with the Ministry of International Cooperation and relevant authorities.

The agreement will support the development of small- and medium-sized enterprises (SMEs) through providing access to financial services and creating jobs, as well as promoting competition in local and international markets.

It will also support the improvement of vocational-technical education and training, with a focus on hiring youth in subsectors of food production and processing.

it is worth noting that the US Agency For International Development’s (USAID) portfolio in Egypt stands at over $30 billion since 1978, while the projects portfolio signed since 2014 records around $1 billion.

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR

All rights reserved to Arab Finance 2020 ©

Back to top