Prime Minister Ibrahim Mahlab on Wednesday approved draft decrees that include a new US$500 million project that is planned to improve access to homeownership for low-income households in cooperation with the World Bank.

The Egypt Inclusive Housing Finance Program, approved by the World Bank’s Board of Directors, is part of the Egypt’s Social Housing Program which was launched in 2014 to provide one million houses and secure suitable residences for low-income families.

During the cabinet's meeting, Mahlab passed also another decree on a cooperation agreement signed between Egypt and Ethiopia on September 3, 2014.

Under the agreement, both sides are expected to take actions to diversify and boost trade connections.

The deal encourages representatives from trade groups and manufacturers to exchange visits and organize exhibits for products in both states.

Also, Mahlab accepted a request from the Egyptian Authority for Maritime Safety to give floating hotels' owner a one-year grace of out-water technical check for ships. Under the request, underwater photography would be the only way during that year to check up safety standards at the hotels.

The prime minister approved another draft on assignment by direct orders for 13 projects.