Cairo - Mubasher: The Egyptian House of Representatives has approved on Tuesday the presidential decree regarding the loan agreement with the Germen Development Bank (KFW).
In October, the EUR 225 million loan was agreed between KFW Group and the Egyptian ministry of investment and international cooperation.
The financing deal comes as part of the efforts to support Egypt’s economic reform programme.
Investment and international cooperation minister Sahar Nasr told the parliament that the loan agreement includes a five year grace period, with repayment period of 10 years, noting that the interest rate is low that it is close to 0%.
