AfDB’s Technical Assistance Fund secures $4.6 billion Grants for Egypt
Published 2015-05-21 15:21:02| Sayed Badr
Egypt signed Thursday a grant agreement with the African Development Bank Group’s Middle Income Country Technical Assistance Fund (MIC TAF). Upon the agreement, Egypt shall receive three grants with total value of US$4.6 million from the MIC TAF. Egypt’s Minister of International Cooperation, Naglaa Al-Ahwany has signed the agreement with Leila Mokaddem, AfDB’s Resident Representative in Egypt in the presence of Egyptian officials, and the AfDB’s high-profile delegation, which is currently visiting Egypt. The first grant, worth US$1 million, will go for financing a project to use the renewable energy in operating irrigation and drainage pumps, undertaken by the Egyptian Ministry of Irrigation. The project aims to devise sustainable economic systems through using renewable energy as part of the country’s national programme to cultivate lands. In addition, the second grant, worth US$1.8 billion, is designated to finance goals set by the Egyptian Agency for Development Partnerships, notably the launch of information gateway about the investment opportunities and trade exchange between Egypt and African countries. The agency is an affiliate to the Ministry of Foreign Affairs that aims to boost Egypt’s trade ties with the African continent and the Common Market for Eastern and Southern Africa (COMESA) member countries. For the MIC TAF’s third grant, it is valued at US$1.8 million dedicated for Egypt’s Institute of National Planning, an affiliate to the Ministry of Planning.
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Egypt's Nasr General Contracting Co. - Hassan Allam will sign the final contracts to implement the fourth phase of Cairo Metro Line 3 within next week. Hassan Allam will carry out the fourth phase in cooperation with an alliance of local construction companies. Madiha Reda, Managing Director for Technical Affairs & Execution at Hassan Allam, stated that the alliance includes The Misr Concrete Development Co. and Nasr Company for Buildings and Construction (EGYCO). The fourth phase of Metro will be built with length of 6.73 km to include five new metro stations, with investments worth 4 billion Egyptian pounds (US$524 million).
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