Cabinet approved a financial facilitation agreement between Egypt and the International Bank for Reconstruction and Development (IBRD), which is the lending arm of World Bank Group.
This came during the 100th virtual cabinet meeting, presided by Prime Minister Moustafa Madbouly on Wednesday.
The agreement includes an emergency response project to tackle the repercussions of the coronavirus (COVID-19).
The value of the financial facilities, signed on July 5, is $50 million granted by the International Bank for Reconstruction and Development to the Egyptian government.The agreement aims to enhance prevention, detection and response to the corona pandemic.
IBRD offers loans to middle-income developing countries
The agreement is one of the phases of the program that the Ministry of Health is responsible for implementing in accordance with the emergency response to the coronavirus, including the provision of medical equipment, management of implementation, monitoring and evaluation, as well as responding to incidental emergencies.
It is noteworthy that Egypt is witnessing a drop in COVID cases in recent days, recording 929 cases on Wednesday from 1,774 on June 19.
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