(4 minutes read)
· Egyptian President Abdel Fattah El Sisi ratified an Islamic credit facilities agreement signed between Egypt’s Ministry of Finance and First Abu Dhabi Bank (FAB)
· The loan amount is US$510 million, which will be used for development works
· Minister of Trade and Industry Nevin Gamea has said that the volume of US investments in Egypt currently stood at US$ 21.8 billion
· It is spread in sectors like industry, services, construction, financing, agricultural, tourism, telecommunications and information technology
Despite Covid-19 pandemic, investments in Egypt are picking up bucking the trend evidenced in most of the countries. Recently, Egyptian President Abdel Fattah El Sisi ratified an Islamic credit facilities agreement signed between Egypt’s Ministry of Finance and First Abu Dhabi Bank (FAB). The loan amount is US$510 million, which will be used for development works.
Signed in July this year, the agreement was approved by the Egyptian House of Representatives a month later. The decision is now published in official gazette after the ratification by the President.
The President also issued a decree approving the Fifth Amendment to an aid grant agreement between Egypt and the US for higher education initiatives, which was signed in Cairo late in June this year.
In the meantime, Minister of Trade and Industry Nevin Gamea has said that the volume of US investments in Egypt currently stands at US$ 21.8 billion and is spread in sectors like industry, services, construction, financing, agricultural, tourism, telecommunications and information technology. The bilateral trade between the two countries also picked up from US$ 7.5 billion in 2018 to US$ 8.6 billion in 2019, an increase of 11.4%.
Nevin Gamea recently had a meeting with a US State Department delegation led by Under Secretary of State for Economic Growth, Energy, and the Environment Keith Krach, who at the meeting underscored the role being played by Egypt as a gateway to the US economic engagement in the continent and the Middle East. The possibility of cementing bilateral cooperation in the sector of small and medium-sized enterprises was also discussed at the meeting.
