Cairo – May 22, 2024: The Ministry of International Cooperation (MoIC) revealed to the House of Representatives’ Foreign Relations Committee that Egypt has secured a substantial $38.8 billion in development financing and grants across the past four years through collaborations with various multilateral and bilateral partners.
According to the ministry, $28.5 billion was allocated to various sectors while $10.3 billion has been channeled into the private sector, particularly focusing on initiatives related to climate action, development, and empowering the private sector.
Acquired between 2020 and 2023, the financing was primarily from long-term agreements with an average interest rate of 1.6 percent and an average repayment period of 18.6 years, including grace periods of up to 6.4 years.
The financing was sourced from a variety of partners, including prominent institutions such as the World Bank, the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the African Development Bank, and the International Finance Corporation, among others.
Additionally, bilateral partners such as France, Spain, South Korea, Kuwait, China, Austria, Japan, the United States, the European Union, Germany, Canada, the United Arab Emirates, Saudi Arabia, Switzerland, Italy, the United Kingdom, and the Netherlands have made significant contributions.
The MoIC highlighted its “Hafez” platform, which offers both financial and technical assistance to businesses of all sizes to support the private sector’s growth. Additionally, collaborative efforts with development partners on technical support projects aim to bolster the capabilities and efficiency of Egyptian businesses.
Efforts to strengthen relations with Asian countries and multilateral institutions were also highlighted, including Egypt’s membership in the New Development Bank associated with BRICS.
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