Cairo – Mubasher: The Egyptian Parliament has approved eight loans and grant agreements worth $649.6 million, a statement by the Ministry of Investment and International Cooperation said on Thursday.
During its session on Wednesday, the Parliament agreed on the signing of a deal with the Agence Francaise De Developpement (AFD), European Union, European Investment Bank, and German Development Bank to establish a wind farm worth EUR 345 million ($391.4 million).
The wind farm aims to raise the usage of renewable energy to 20% of the total energy consumption by 2020.
Furthermore, the House of Representatives approved a financing agreement worth KWD 18.5 million ($61.11 million) for a water desalination plant project in Port Said, in addition to a grant by the African Development Bank and a credit facility from the AFD.
The Parliament also approved an EUR 800,000 ($907,600) grant from the Italian Government for the rehabilitation of the Museum of Islamic Art in Cairo. Additionally, the representatives approved a loan agreement worth EUR 170 million ($192.87 million) with the AFD and two grants worth EUR 3 million ($3.4 million).
