Minister: parliament approved 4 international cooperation agreements

International Cooperation Minister Sahar Nasr on Tuesday said the parliament has approved four international cooperation agreements. 

The ministry has signed the USD 3.5 billion agreements with Germany, South Korea, Japan and the Kuwait Fund for Arab Economic Development (KFAED). 

On Tuesday, the parliament adopted a report by two parliament committees approving a financial cooperation agreement between Egypt and Germany.

The USD 70-million agreement is meant to develop skills of young people in all sectors and finance a number of important projects, the minister said. 

The parliament also approved a USD 3 billion framework convention with South Korea that would make Egypt benefit from the loans of the Export-Import Bank of Korea (KEXIM). 

An agreement between Egypt and KFAED to finance the construction of five water desalination plants in South Sinai was also approved by the parliament. 

Based on the agreement signed in May, the Kuwaiti Fund will pay to Egypt around USD 100 million to finance the projects. 

The parliament has also approved an agreement between Cairo and Tokyo to finance a project to expand Burj Al Arab Airport.

Japan International Cooperation Agency (JICA) will fund the project with around USD 152 million