Egypt - The cabinet has approved the presidential draft resolution regarding the framework amendment agreement for the African Development Bank Group (AfDB) to replace the use of LIBOR as a reference interest rate with SOFR in calculating interest rates in development financing agreements, as per a statement.

The cabinet has also ratified the presidential draft resolution on the CAD 9.9 million grant agreement between Egypt and Canada on the Egypt Green Skills for the Climate-smart Agribusiness Network Program (EGYCAN).

This is along with endorsing the new labor draft law.

Moreover, the cabinet has greenlit granting golden license to the automotive cable manufacturer COFICAB Egypt for the establishment of harness factory on 30,296 square meters in the 10th of Ramadan city.

The factory is set for completion by the end of June 2025, and is expected to offer around 267 jobs.

Another golden license was approved to be granted to MAFI for Agricultural Produce Industries for its $180.122 million project set to commence operation in March 2026.

Moreover, the cabinet approved the requests submitted to establish cellular towers for mobile operators in Egypt across 10 governorates.

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