Spending on Investment Ministry-funded projects increases to 50%

CAIRO – 4 October 2017: Spending on projects, funded by the Investment Ministry, increased from 10 percent to 50 percent over the last two years, Minister of International Cooperation and Investment Sahar Nasr said Wednesday.

She said that some of these projects were infrastructure and social development projects, adding that monitoring and evaluation units as well as committees have been established among various ministries to follow up on these projects.

Nasr further said that the executive regulations of the investment law are currently in the State Council, pending issuance.

Meanwhile, Nasr said that signing the agreement of the U.S. aid will be referred to the parliament soon, estimated at $150 million dollars, of which $120 million will be allocated to development projects and $30 million to small- and medium-sized enterprises (SMEs).

The agreements that have been signed signed, including the third tranche of the African Development Bank’s loan and the $1 billion agreement of the World Bank were referred to the parliament for disbursement in December, Nasr said.

She added that the G7 conference in Germany has approved disbursing $500 million to Egypt.