Cairo - Mubasher: Egypt has agreed with multilateral and bilateral development partners on $9.8 billion development funds during 2020, Reuters reported.
Egypt dedicated $3.2 billion of development funds to the private sector, representing more than 30% of the total funds, the Egyptian Minister of International Cooperation, Rania Al Mashat, announced on Wednesday.
The minister added that these long-term development funds have lower interest rates than the other financings in the international markets.
Al Mashat remarked that Egypt will focus on directing development funds to the green projects in the private sector during 2021 to achieve sustainable growth.
Al Mashat referred that Egypt seeks to promote the transition towards a green economy through the 2035 Integrated Sustainable Energy Strategy, aiming to increase the contribution of renewable energy to 42% of power capacity.
Egypt's multilateral and bilateral development partners include the World Bank, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and International Finance Corporation (IFC).
