The Cabinet approved a proposed funding package from Egypt's development partners to finance the Egyptian-Saudi power linkage project.
The project will allow the two countries to exchange 3,000 megawatts of electricity to face the growing demand on energy in Egypt.
The development partners who are willing to fund the vital project include the Arab Fund for Economic and Social Development, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development and the OPEC Fund for International Development.
The Cabinet also approved a presidential draft decree on an aid grant between Egypt and the US on the sustainable development of tourism that was signed in September.
The grant aims to raise the competitiveness of the tourist sector in Egypt through restoring cultural heritage sites.