FILE - President Abdel Fattah Al-Sisi - Reuters FILE - President Abdel Fattah Al-Sisi - Reuters

Sisi OKs OFID loan deal to implement grain storage project in Egypt

Thu, Feb. 27, 2020
CAIRO - 27 February 2020: President Abdel Fattah El Sisi issued a decree Thursday approving a loan agreement between Egypt and the OPEC Fund for International Development (OFID) worth 14 million dollars set to establish grain storage facilities in Port Said.

Signed in July 2019, the agreement was endorsed by the House of Representatives in November.

The presidential decree was published in the official gazette today.

In September 2018, OFID provided grants to the Regional Center for Egypt's Renewable Energy and Energy Efficiency (RCREEE) and the Bibliotheca Alexandrina.

OFID said in a statement that its Director-General Suleiman J Al-Herbish signed both grant agreements in Egypt.

The first grant agreement was signed with RCREEE for $180,000 with RCREEE Director-General Ahmed Badr during the graduation ceremony of RCREEE’s 10th Arab Program for Sustainable Energy Youth (APSEY).

The statement clarified that this grant came as support for the upcoming 11th round of students.

“The eradication of energy poverty requires effective synergies and partnerships, while capacity building is key to achieving development in any sector. This grant is an important milestone as it supports much needed intervention in the Arab Region,” Al-Herbish said.

MENA contributed to the reporting
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