CAIRO, Aug. 2 (Xinhua) -- Egyptian cabinet approved on Wednesday a bill to establish the Golden Triangle Economic Zone, state news agency MENA reported.
Located in Egypt's Red Sea port city of Safaga, the economic zone will be affiliated to the cabinet under Prime Minister Sherif Ismail.
The move came as part of the government's efforts to proceed with the national project aimed to contribute to investing natural resources in this promising area.
The cabinet also approved a bill to amend the regulations of the environment law, the report said.
The North African country is under an economic reform plan, which is hailed and encouraged by a 12-billion-dollar loan from the International Monetary Fund, whose first tranche of 2.75 billion was delivered in November 2016 and the second of 1.25 billion in July 2017.
Egypt has been facing economic recession over the past few years due to political turmoil and relevant security issues, which led to declining tourism and foreign investments amid growing budget deficit, inflation rate and foreign and domestic debts.
