Cairo – Mubasher: The Egyptian Ministry of Environment is in talks with the International Monetary Fund (IMF) for a $1.20 billion loan under the IMF's support package for Egypt.
Minister Yasmine Fouad discussed the financing package with the IMF’s mission for resilience and sustainability, in the presence of Ahmed Kouchouk, Vice Minister of Finance for Fiscal Policies and Institutional Reform, and representatives from the Central Bank of Egypt (CBE), according to a cabinet statement.
Through the collaboration with the IMF, we seek to build on previous national efforts and learn from national experiences in Morocco and Bangladesh, to outline required strategies and policies to boost the state’s ability to achieve resilience and sustainability, Fouad stated.
For her part, Ivanna Vladkova Hollar, IMF's Mission Chief for Egypt, commended the ambitious measures taken by the Egyptian government regarding climate.
Hollar noted that cooperation with Egypt could include providing support for the development of competencies to help achieve the National Climate Change Strategy 2050, securing suitable financing methods, and assessing the impact of climate on investment.
In March 2024, Egypt signed an agreement with the IMF to extend a $3 billion loan deal to $8 billion. Under the agreement, the country could apply to obtain a loan of up to $1.20 billion from the Environmental Sustainability Fund.
