CAIRO – 11 June 2024: Minister of Finance, Mohamed Maait, revealed that Egypt is actively seeking a soft loan worth $1 billion from the New Development Bank (NDB), which is associated with the BRICS bloc, in an interview with Asharq Bloomberg.
Maait stated that the loan is expected to be secured by the end of 2024.
The funds obtained will be used to support mutually agreed-upon projects, and disbursement may occur in either dollars or alternative currencies.
Maait expressed optimism about acquiring the loan either by the end of 2024 or at the beginning of 2025.
Today marks the start of the NDB’s inaugural seminar in Egypt, aiming to introduce the bank’s operations and enhance cooperation with the Egyptian government and private sector.
Maait highlighted that the collaboration with the NDB aligns with Egypt’s goals of pursuing economic and social progress while bolstering the nation’s economic expansion.
During her opening speech, Dilma Rousseff, President of the New Development Bank, explained the NDB’s 2022-2026 strategy, which aims to allocate $30 billion for infrastructure and sustainable development.
Rousseff emphasized that 40 percent of the overall funding will be dedicated to initiatives addressing climate change and promoting sustainable energy transition projects.
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