Cairo – Mubasher: Egypt secured financing agreements at an aggregated value of $13.70 billion in 2022 with multilateral and bilateral partners for the state's development sectors as well as the private sector, according to an official statement.
The Egyptian Ministry of International Cooperation indicated that a total of $11.10 billion was pumped into soft development funding to endorse various development sectors across the Arab Republic.
In addition, Egypt utilised $2.40 billion, which will be available until June 2023, to support its general budget and bolster economic reforms in various sectors, such as enhancing food security and anchoring energy subsidies. It also aimed to foster social protection programmes and comprehensive health insurance.
Meanwhile, a total of $2.60 billion were earmarked for the private sector in Egypt by international parties, including the International Finance Corporation (IFC), the French Development Agency, the European Union (EU), the African Development Bank (ADF), the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD).
Earlier, Egypt’s Cabinet granted its approval for a $271 million financing deal with ADF for a programme to boost food security and economic resilience.
Last year, Egypt secured total funding worth $10.20 billion, of which $1.50 billion was allocated to the private sector. The investments aligned with the country’s development vision in accordance with the UN’s sustainable development goals (SDGs).
In 2020, the ministry concluded soft development financing agreements at a combined value of $9.80 billion, of which $3.50 billion was directed to the private sector.
