The Egyptian House of Representatives has approved the $500 million loan agreement signed by the government with Deutsche Bank and the Arab Banking Corporation (Bank ABC), as per a statement.
Guaranteed by Arab Investment and Export Credit Guarantee Corporation (Dhaman), the loan is in favor of the Ministry of Finance.
The loan will be used to finance social projects under the state’s investment plan for fiscal year (FY) 2022/2023 as well as healthcare and education spendings.
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