ArabFinance: The parliament approved two international cooperation agreements worth $53 million (EGP 843.26 million) in support of Egypt’s efforts to combat the COVID-19 pandemic, Minister of International Cooperation, Rania al Mashat said in an August 24thstatement.

The first loan deal was signed on March 5th with the International Bank for Reconstruction and Development at a value of $50 million (EGP 795.53 million)

Al Mashat added that the second agreement was penned with Kuwait’s Arab Fund for Economic and Social Development at KWD 1 million, equivalent to $3.2 million (EGP 50.91 million).

Egypt’s credit facility deal with the Arab Fund aims to cover the costs of basic medical equipment, medicines, in addition to means of monitoring to limit the spread of COVID-19, she elaborated.

The minister said the agreements come within the framework of the Global Partnerships for Effective Development Cooperation multi-stakeholder platform which was launched in April.

The Arab republic has registered a total of 97,340 coronavirus infections until press time.

The parliament recently approved more agreements for the international cooperation ministry with three development partners.

*At press time, the conversion rate is $1 = EGP 15.91

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