Parliament approves $1.74m WB grant for project investment environment improvements

Nehal Samir
3 Min Read

The House of Representatives, headed by its Speaker Ali Abdel-Aal, approved on Monday a grant agreement worth $ 1.74m aimed at improving Egypt’s investment environment.

The agreement was submitted by the International Bank for Reconstruction and Development (IBRD)and the International Development Association (IDA), and signed with the government represented by the Ministry of International Cooperation.

Minister of International Cooperation Rania Al-Mashat said the grant, which was signed last November, aims to support investor services centres at the General Authority for Investment and Free Zones (GAFI). It also looks to facilitate the licensing process and achieve transparency in the allocation of industrial lands.

In addition to this, it is anticipated that it will enhance capacity building and improving the IT and communications sector, alongside promoting Egypt’s digital transformation.

The Minister explained that the project aims to provide technical support to GAFI as a means for supporting investors access information through a one-stop system.

Minister Al-Mashat added that the House of Representatives, also on Monday, approved three financing agreements with the European Investment Bank (EIB), worth 122.7m in the field of sanitation and transportation.

The first agreement, signed on 31 December 2019 and worth 120m, will expand and develop the Western sewage treatment plant in Alexandria. It aims to increase the capacity of the plant and raise the level of water treatment capabilities.

The Minister added that the second agreement, signed on 5 February, is a supplementary study agreement for the modernisation of the Tanta-Mansoura-Damietta railway. Worth a total grant of 1.5m, it focuses on implementing the analysis and submit the missing documents to prepare the project and comply with international best practices.

The third agreement, signed on 29 January and worth 1.2m, will see preparations underway on a feasibility study for the rehabilitation of the Cairo Metro’s second line.

Al-Mashat indicated that the third agreement will contribute to improving the performance of Cairo’s public transportation system, particularly the Metro system’s second line. It also looks to satisfy the capacity requirements and the number of passengers benefiting from it in the coming years, and looks to extend the line’s expected lifespan for an additional 25 years.

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