The Egyptian parliament approves financing agreements between the government and international banks

The Egyptian House of Representatives, during its plenary session today, Sunday, chaired by Councilor Ahmed Saad El-Din, the first deputy of the parliament, finally approved 4 agreements between the Ministry of Finance and the international financial parties.

The approvals included the approval of Presidential Decision No. 559 of 2021 relating to the approval of the conventional facilitation agreement between Egypt through the Ministry of Finance, the First Abu Dhabi Bank and other parties.

The Council approved the presidential resolution no. 560 of 2021 relating to the approval of the Islamic infrastructure agreement between Egypt through the Ministry of Finance and the First Abu Dhabi Bank, and presidential resolution no. 561 of 2021 concerning the approval of the investment agency agreement between Egypt acting through the Ministry of Finance and the First Abu Dhabi Bank and others.

As well as the approval of the presidential decision n. 562 of 2021 concerning the approval of the trade terms agreement between Egypt through the Ministry of Finance, Emirates NBD Capital Limited, First Abu Dhabi Bank and others.

Reuters cited three sources that Egypt is close to obtaining a $ 3 billion loan to use part of it to finance sustainable projects, as the country is trying to recover from the decline in tourism during the “Covid-19” pandemic. .

One of the sources said the loan, organized by Emirates NBD and First Abu Dhabi Bank, follows the repayment of a $ 2 billion line of credit at the start of questyear that Egypt took in loan last year.

At the end of August 2021, the Egyptian Ministry of Finance signed the first conventional and Islamic financing instrument, worth two billion dollars, with the aim of financing the general state budget and supporting the Egyptian economy. Which helps keep its way strong in the face of the prevailing fluctuations in global markets.

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