Infographic: Egypt secures $13.7B to support national development objectives – Egypt Today

Infographic: Egypt secures $13.7B to support national development objectives – Egypt Today

CAIRO - 20 December 2022: $13.7 billion was secured in 2022 to support Egypt’s national development objectives, Minister of International Cooperation Rania A. Al-Mashat announced.

This included $11.1 billion directed to sovereign projects across various economic activities and $2.6 billion for the private sector.

Al-Mashat explained that the $11 billion included $2.4 billion for budget support to be disbursed by June 2023 and directed to expanding social spending including food security, universal health insurance, and social protection programs.

The Minister also underscores that the $2.6 billion financing to the private sector was secured through cooperation with many development partners, including International Finance Corporation (IFC), Agence Française de Développement (AFD), European Union (EU) and many others.

The full details of the aforementioned development financing will be announced in the Ministry of International Cooperation’s 2022 Annual Report.

These remarks came during the Minister’s participation in the “Challenges Facing the Global Economy” within the activities of the “People and Banks” conferences organized by the Arab Media Association.

In her speech, Al-Mashat explained that the strong relationship Egypt enjoys with development partners, both bilateral and multilateral, has allowed the expansion of development finance to the private sector including through Egypt’s banking sector.

The Minister added that despite successive challenges the world