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Egypt approves $743.3m housing, sanitation agreements

CAIRO, August 27, 2020

The Egyptian Parliament has approved two international agreements, worth $743.3 million, covering housing projects and sanitation, said a report.
 
The agreements, signed with the International Bank for Reconstruction and Development (IBRD) and the Arab Fund for Economic and Social Development (AFESD), will go towards financing housing projects and the establishment of a wastewater system in Egypt’s Bahr Al-Baqar region, reported Daily News Egypt, citing a senior minister.
 
These agreements come as part of the Ministry of International Cooperation’s cooperation with international partners in three core areas, namely: People at the Core; Projects in Action; and Purpose as the Driver, said Minister of International Cooperation Rania Al Mashat.
 
To put ‘people at the core’, the ministry has been implementing projects across multiple sectors by signing the first agreement with the IBRD, a member of the World Bank Group, last July. 
 
The agreement was undertaken with $500 million in additional financing for the comprehensive programme to finance the housing project, she stated.
 
This aims to primarily improve the lives of low-income Egyptians so they can access their right to adequate housing.
 
This helps achieve the first of the UN’s Sustainable Development Goals (SDGs), and is also related to poverty eradication. The agreement also covers  the SDG 11, related to establishing sustainable cities and communities, she added.



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