Financing
The World Bank and the Asian Infrastructure Investment Bank have agreed to provide in total $720 million for the Development Policy Financing (DPF) framework, with $360 million from each institution.
Increasing financing will take place through injecting additional funds to help the companies and factories face the increase in international prices, and to maintain operating and production rates.
Egypt’s Foreign Minister Sameh Shoukry chaired on Monday the African Union’s (AU) Peace and Security Council’s session on countering extremist ideology and terror finance, the Egyptian Foreign Ministry said in a statement.
This comes within the framework of the Ministry of International Cooperation’s endeavors to deepen strategic relations between Egypt and its multilateral and bilateral development partners; advancing the efforts towards achieving Egypt’s Vision 2030 and the UN’s Sustainable Development Goals (SDGs).
The EBRD has provided financing for the implementation of 143 projects, more than 75% of which are for the private sector, according to Rania Al-Mashat, Minister of International Cooperation.
Head of the Cooperation Sector at the European Union Commission in Cairo Minister Plenipotentiary Ibrahim el-Afia asserted the European Union (EU) has been financing projects in Egypt at a total value of 500 million euros during the period between 2017 and 2021 in several sectors as part of their joint partnership.
Prime Minister Mostafa Madbouli held Tuesday a meeting in Cairo with CEO of the African Funding Corporation (AFC) Samaila Zubairo and the accompanying delegation.
The minister added that the International Finance Corporation is Egypt's main partner in financing directed to the private sector, with a value of $1.2 billion in various development sectors, infrastructure, education, health, mining, in addition to financial markets.
The IFC, which is focused on developing private sector in Egypt, has invested over $4 billion in Egypt over the past decade, despite the COVID-19 pandemic;
The deal inked in January is subject to the endorsement of the president.
The program is targeted at low and middle income citizens.
In Aswan Forum for Sustainable Peace and Development, Mohieldin warned that 50-60 million Africans are at risk of getting pushed into poverty.
A session titled "Recovering Stronger, Rebuilding Better: Pathways for a More Secure, Resilient, and Prosperous Africa" was held.
As part of this broader scope of work, UNDP and the Egyptian private equity Catalyst Private Equity (CPE) will put in practice an impact measurement towards the SDGs of private sector enterprises and private investments.
It had been decided to provide funding to more than 120,000 companies and establishments, which would create and maintain job opportunities of about one million jobs.
This announcement came during the launch of the 2020 Annual Report, entitled, ‘International Partnerships for Sustainable Development’.
Al-Mashat announced during the launch of the 2020 Annual Report that the report also reveals that within the development portfolio of the Ministry of International Cooperation, there are 43 projects worth $4.99 billion on SDG 6, making up 19.4 percent of total ODA.
That is through the SME's funding program "Mashrouak" (Arabic for Your Project).
This financing comes with the aim of financing the state's general budget and supporting the Egyptian economy.
Mega projects established in Upper Egypt can be a beacon of hope for smaller ones.
