Egypt’s parliament approves grant agreement on inclusive economic governance worth $26M

CAIRO - 22 March 2023: In its plenary session, the House of Representatives approved the second amendment on the comprehensive economic governance grant agreement between the Arab Republic of Egypt and the United States of America at a value of $26.9 million. 

 

This is in light of the joint development cooperation relations between the two countries, and with this, the total grants directed to the comprehensive economic governance program become about $77.5 million.

 

Minister of International Cooperation, Rania A. Al-Mashat, said that the aim of the grant agreement is to enhance comprehensive economic governance, its effectiveness, stimulate women's participation in the workforce, support low-income citizens and enable their to access public services by increasing the efficiency of public institutions and increase the socioeconomic participation of women, as well as automating procedures within the economic courts.

 

Moreover, the Minister stated that the comprehensive economic governance program with the USAID comes in line with the government's adoption of an integrated program to promote comprehensive economic governance with the participation of all relevant national entities. This aims to improve the principles and mechanisms of the decision-making process, improving communication channels between the government and private sectors, and enhancing the efficiency of government services provided for citizens, especially for women and lower-income citizens, and improving efforts to create job opportunities.

 

The Minister stated that during the past year, 7 grant agreements worth $160 million were signed within the framework of joint economic relations between Egypt and the USAID, which enhances development cooperation in several fields and is consistent with the country's development vision.

 

The agreements included a grant of $19 million for the comprehensive economic government, $40 million for the Egyptian-American Initiative for Higher Education, $7.5 million for the basic education sector, $13.05 million for the health sector, $18.45 million for stimulating trade and investment in Egypt, and $47 million for $15 million to develop agricultural and rural businesses and increase incomes, and $15 million climate change initiative agreement.

 

The ongoing development cooperation portfolio between the Arab Republic of Egypt and the United States of America has registered about $1 billion since 2014. 

 

The cooperation portfolio covers a variety of development projects and finance programs in several sectors, including tourism, agriculture, small and medium enterprises, and education.