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Egypt and the Arab Fund for Social and Economic Development signed on 29 March 2012 two agreements worth 306 million dollars. Planning and International Cooperation Minister Fayza Abul-Naga and Fund Board Chairman Abdel Latif Youssef al-Hamad inked the agreements. Prime Minister Kamal El-Ganzouri, Electricity Minister Hassan Younis and Secretary General of the Social Fund for Development Ghada Walli attended the signing ceremony.
Abul-Naga said the two loan agreements are allocated to finance a power plant in southern Helwan and boost small and medium-sized projects program. By this, the Arab Fund's financial contributions to Egypt reached 3.8 billion dollars, Abul Naga said, adding that the assistance went to development projects in Egypt. The agreements come as part of the Planning and International Cooperation Ministry's 2009/2014 strategy with the Arab fund, she said. The strategy covers projects in the fields of electricity and energy, railways, airports, tourism and monument restoration, she said.
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