Mashat Lauds House's Approval of 2 Agreements With EBRD, German Gov'tSource: www.export-egypt.com 5/24/2022, Location: Africa |
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International Cooperation Minister Rania Al-Mashat hailed the House of Representatives' approval of two agreements with the European Bank for Reconstruction and Development and the German Federal Government.
Commenting on the two deals, Mashat said the financing agreement with EBRD aims to upgrade a rail line connecting downtown Alexandria and the north-eastern district of Abu Qir. She also said that improving the metro service will include infrastructure development works and electricity, communication, signal, and operation system upgrades. She lauded the bank's giant investments in Egypt, which reached about €8.6 billion in 145 projects since 2012, 76% of them are directed to the private sector. According to the minister the agreement with Germany pertains to the second phase of renovation work at hydropower plants in Egypt. She pointed out that the volume of the development cooperation portfolio with Germany amounted to €1.7 billion in several sectors, including renewable energy, sanitation, irrigation, solid waste management, migration, labor market, supporting the private sector, technical education, vocational training, urban development, administrative reform, women, and youth. |
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