CAIRO: In its meeting Thursday, the Cabinet, headed by Ibrahim Mahlab, approved a presidential draft of the joint loan between the Egyptian government and the Kuwaiti Fund for developing railway control systems and signals.
The loan is set to develop the crossings on the Benha, Zagazig, Ismailia and Port Said lines for 30 million KWD (U.S. $106 million), according to an official press statement from the Cabinet published Thursday.
The government had signed the agreement with for the loan with the Kuwaiti Fund on Oct. 2, 2013.
The Cabinet also ratified a multilateral agreement that had been signed in Indonesia, in 2006, between eight companies, to facilitate trade movement between them, facilitating customs procedures and measures, along with boosting economic and commercial relations between the members.
Originally published in Youm7.