The Ministry of International Cooperation secured $13.7bln in development financing from bilateral and multilateral development partners

The Ministry of International Cooperation secured $13.7bln in development financing from bilateral and multilateral development partners

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat announced that in 2022, $13.7 billion was secured to support Egypt’s national development objectives. 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. This was alongside the participation of Minister of Tourism and Antiquities H.E. Ahmed Issa, Chairman of the National Bank of Egypt (NBE) Hisham Okasha, Chief Executive Officer and Board Member, Qatar National Bank Al Ahli (QNB AA) Mohamed Bedeir, Chairman