Topping diplomatic coverage this morning: We now know how the EUR 1 bn loanagreement signed with the French Development Agency (AFD) last year will be spent, following a meeting between International Cooperation Minister Rania Al Mashat and French Ambassador to Cairo Stéphane Romatet yesterday. The four-year agreement is set to last through 2023 and will channel funding to various infrastructure development, health, education, energy and water management projects. Some of the most notable allotments include:

  • EUR 250 mn for the Abu Qir electric railway conversion project
  • EUR 155 mn for water management and sanitation projects in Helwan
  • EUR 150 to finance unspecified energy development projects
  • EUR 150 mn to support the government’s universal health insurance scheme.
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