The Africa50 Fund aims to invest in infrastructure, focusing on sectors such as energy, transportation, information and communication technology, and water.
The agreements include an agreement for the Egyptian General Petroleum Co (EGPC) with Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to search in the south of Ras Qattara in the Western Desert.
The MoUs and agreements aim to boost bilateral cooperation in the fields of reducing carbon emissions, digital transformation, supporting sustainability and crude oil marketing.
In four years, 24 agreements were signed in the Mediterranean and the Nile Delta with investments totaling $2.7 billion and grants worth nearly $25 million, Raslan added.
Maait elaborated the financing came through the signing of several agreements on the sidelines of the "Funding Day" activities to provide appropriate financing from several parties to achieve sustainable food security, the transition to clean and renewable energy and the development of the water sector.
According to a statement by Presidential Spokesman Bassam Rady, the agreements and MoUs signed include fields of economic, scientific, and technological cooperation as well as investments and boosting exports.
The agreements were signed in Muscat, in addition to an initialing of the mutual recognition of the marine qualification certificates for navigators and the work of the Nuba issued by the two countries.
These agreements will support the infrastructure, logistics and technology sectors; which work to develop the capabilities of the Egyptian economy.
The agreements included a service agreement between the Egyptian General Petroleum Corporation and Baker Hughes to cooperate in the field of gas recovery and reducing carbon emissions, which was signed by geologist Alaa El-Batal, CEO of the Egyptian General Petroleum Corporation, and Engineer Tamir Nasser, Director General of Baker Hughes Egypt, according to a statement.
Total new investments amount to a minimum of $506 million, and a signature grant of $67 million to drill 12 wells, according to a statement by the Ministry of Petroleum issued Thursday.
The signed deals included one with France Alstom on manufacturing and delivering 55 air-conditioned trains for the first line of the underground metro covering maintenance operations for eight years.
The Egyptian Ministry of Transport announced Sunday the start of the activities of the “Trans MEA 2021” smart transport exhibition and conference, tomorrow morning, Monday.
These agreements come within the framework of the joint economic relations between Egypt and the United States of America, which strengthens efforts of development cooperation to support Egypt’s development vision across various sectors.
Minister of International Cooperation Rania A. Al-Mashat confirmed that the continuous follow-up of the strategy is integral to maintain the economic integration and mutual interest in development between the two countries.
He explained that the two agreements are a continuation of Shell’s strategy by focusing its investments in Egypt in the marine concession areas and deep waters.
Two successful exploration wells have been drilled, and a three-dimensional seismic survey has been conducted in the areas of the Western Mediterranean agreements for an area of 18,000 km2.
This came during A-Mashat’s meeting with a delegation from the French Treasury to follow up on the status of current projects and harness new opportunities in Egypt-France’s cooperation to provide development financing for green recovery, transportation, housing, sanitation, and health.
Molla added Wednesday that 14 new agreements were signed in several concession areas throughout Egypt during the period from March to October 2020.
Foreign ministers of Egypt, Iraq and Jordan has held a meeting Tuesday to discuss joint agreements between the three countries.
These were dedicated towards the provision of protective equipment, supplies for medical teams and isolation hospitals, strengthening the capacity of the Egyptian Red Crescent, training medical personnel as well as improving public awareness of the crisis.