Tuesday 09 February 2021
The House of Representatives headed by Counselor Hanafi Jabali, during the plenary session held today, Tuesday, approved Presidential Decision No. 697 of 2020 regarding approval of the fourth amendment to the aid grant agreement between Egypt and the United States, regarding stimulating trade and investment in Egypt, signed on 29/6/2020 .
The fourth amendment to the Aid Grant Agreement on Stimulating Trade and Investment in Egypt (TYPE) aims to add a new amount to the project amounting to $ 26,500,000 and $ 870 as a contribution from the United States Agency for International Development. To continue implementing project activities.
The parliamentary report pointed to the development of Egyptian-American relations several years ago, to become based on providing opportunities and real mechanisms that allow for an increase in intra-trade and investments, development of human capital skills and an increase in the number of tourists, and these relations are based on a long history of joint cooperation in various commercial, industrial and investment fields, And at all levels; Especially since the American market is considered one of the most important export destinations for a large number of Egyptian products. Because of their competitive advantages and acceptance among the American consumer.
According to the report, the political leadership in both countries is keen to enhance joint cooperation in economic fields, as well as discuss expanding joint cooperation within the framework of the Qualified Industrial Zones Agreement.
It is noteworthy that the agreement to stimulate trade and investment in Egypt was signed between the Egyptian and American governments on 9/30/2014, and three amendments were introduced to this agreement in this regard, and it seeks to achieve economic growth through: improving the trade and investment environment, and improving labor productivity, Increase the growth of small, medium and micro enterprises, and improve the access of small, medium and micro enterprises to business development, entrepreneurship and non-financial services.