CAIRO - 19 December 2022: Concessional development financing agreements that were concluded during 2022 with multilateral and bilateral development partners for the state's development sectors and the private sector amounted to about $14 billion, Minister of International Cooperation, Rania Al-Mashat.
Al-Mashat explained that the agreements are distributed at $11 billion in soft development funds that were signed with multilateral and bilateral development partners for the benefit of the country's various development sectors.
“Among the agreements are $2.4 billion in funds to support the state’s general 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,” she stated, adding that soft development funds for the private sector amounted to about $3 billion from many development partners, among them are France and the European Union.
Full details of the financing and beneficiary sectors will be announced in the annual report of the Ministry of International Cooperation for 2022.
This came during the participation of Dr. Rania Al-Mashat, Minister of International Cooperation, in the "Challenges Facing the Global Economy" session within the activities of the People and Banks Conference, which is organized by the Arab Media Center.
Al-Mashat elaborated 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 not only to the government, but also to the private sector, the banking sector and local financial institutions.
She noted that the strength of the banking sector and its ability to provide financing for small and medium enterprises and entrepreneurship has strengthened the relationship with development partners by providing soft financing for this sector.
The Ministry of International Cooperation concluded soft development financing agreements during 2020 at a value of $9.8 billion, including $3.5 billion for the private sector.
During 2021, soft development funds amounting to $10.2 billion were agreed upon, including $1.5 billion for the private sector, in light of the efforts made through state partnerships to support the country's development vision in line with the UN goals for sustainable development.
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