Cabinet greenlights fresh development finance: The Madbouly cabinet approved at its weekly meeting a number of loans and grants recently agreed with multilateral lenders and the Canadian government, it said in a s tatemen t.

AMF loan for the banking system: Cabinet approved a USD 615.8 mn loan from the Arab Monetary Fund (AMF) to support the banking sector. The loan will “provide the necessary foreign exchange resources to support structural reform efforts in the banking and financial sector,” according to the statement. It will help upgrade the nation’s payment systems infrastructure, support financial inclusion and improve the regulatory framework for the banking and financial sector, the AMF said in July.

Abu Qir metro money: Cabinet greenlit an agreement that will see the Asian Infrastructure Investment Bank (AIIB) provide EUR 250 mn in financing for the redevelopment of the Abu Qir railway in Alexandria. The project seeks to convert the railway into an electric, low-carbon, underground metro.

Canadian agriculture money: A Canadian grant of CAD 10 mn (USD 7.4 mn) for projects to enhance food security and combat climate change got the go-ahead from ministers. The funding will go to a program aimed at supporting sustainable agriculture and agricultural biodiversity in the Nile Delta and Upper Egypt.

PLUS- FinMin to offer temporary life ins. for gov’t employees at the new capital: The Finance Ministry will contract with Misr Life Ins. to provide temporary life ins. for employees working at the new administrative capital and beneficiaries of housing in Badr City, after approval from the cabinet.

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