Egypt secures $9.8B in funds in 2020 through 'economic diplomacy': minister

CAIRO – 28 December 2020: Minister of State for International Cooperation Rania al-Mashat labeled the ministry's work as "economic diplomacy" aimed at bridging funding gaps in vital projects in Egypt.

Mashat stated in a TV interview Sunday that in spite of the shortage in international liquidity in 2020, the ministry was able to secure funds worth $9.8 billion.

The minister underlined that political diplomacy paves the way for economic diplomacy, and that Egypt has a decent portfolio of joint projects with international development partners.

The funding is not just directed at infrastructure projects and mega projects but also to women economic empowerment and SMEs. The ministry will soon release a report on the role of the ministry in order to connect citizens and Egyptian companies with international funding institutions.