Parliament approves €56.7M grant from AFD for wheat silos

Updated 1/30/2024 7:01:00 AM
Parliament approves €56.7M grant from AFD for wheat silos

Arab Finance: The Egyptian House of Representatives has approved the presidential decree endorsing a €56.743 million grant from the French Development Agency (AFD) to develop the storage capacities of wheat silos, as per a statement by the Ministry of International Cooperation on January 29th.

Commenting on this decision, international cooperation minister Rania Al-Mashat said that financings provided by the country’s development partners for the local supply sector and its projects stand at $538 million.

The parliament also thumbed up letters on amending certain agreements with the Asian Infrastructure Investment Bank (AIIB) regarding abandoning the London Inter-Bank Offered Rate (LIBOR) as a reference interest rate and replacing it with the Secured Overnight Financing Rate (SOFR).

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