With 11 billion dollars.. Development financing agreements in Egypt

The value of concessional development financing agreements that Egypt concluded during 2022 with multilateral development partners and the private sector amounted to about $14 billion.

Dr. Rania Al-Mashat, Minister of International Cooperation, announced that the agreements are divided into:

1. $11 billion in soft development funds signed with multilateral and bilateral development partners for the benefit of the country's various development sectors.
2. $2.4 billion in funds to support the state budget and promote economic reforms, such as enhancing food security, energy subsidy reforms, social protection programs, and comprehensive        health insurance, which will be made available until next June.
3. As well as concessional development financing for the private sector amounting to about 3 billion dollars from several development partners, including France and the European Union.

Strengthen economic relations

It is noteworthy that the Ministry of International Cooperation is working to strengthen economic relations with multilateral and bilateral development partners, not only in order to provide concessional development financing or for the government only, but also for the private sector, the banking sector and local financial institutions, as the strength of the banking sector and its ability to provide financing for small projects Medium, and entrepreneurship Strengthen the relationship with development partners by providing soft funds for this sector.

Egypt's foreign relations

Al-Mashat stated that Egypt has historical relations, whether with multilateral development partners such as the World Bank Group, the European Bank for Reconstruction and Development, and the African Development Bank, or with bilateral development partners such as the United States of America, Japan, China, and others, noting that the Ministry of International Cooperation is aware of the mechanisms of governance, Moreover, the accumulated Egyptian experiences and the ability to formulate projects enhance the state's ability to implement ambitious strategies to stimulate development cooperation with all partners.

She also touched on the existing cooperation with development partners regarding the provision of green financing, whether to the government sector, the private sector, and banks, in order to promote comprehensive and sustainable development.