Egypt plans to secure $3 bln in financing through end 2023: Minister

Ahram Online , Tuesday 11 Jul 2023

Egypt targets securing $3 billion in financing through the end of 2023 from several external markets to bridge its financing gap, according to the Minister of Finance Mohamed Maait.

Minister of Finance Mohamed Maait. (Photo: Al-Ahram)


Maait made his remarks during a press conference the cabinet held on Tuesday in the New Administrative Capital to announce the government’s progress in the IPO programme.

The financing is expected to come through the African Development Bank, the Asian Investment International Bank, besides issuing fresh Panda and Samurai bonds that target the Asian market’s investors, he noted.

Egypt is experiencing a financing gap of $17 billion through 2026, according to estimates from the International Monetary Fund (IMF).

Egypt is working on bridging such gap mainly through the sales of the state-owned companies as well as through assistance from the international financial institutions.

During the conference, Prime Minister Mostafa Madbouly said that investors in local market are still suffering issues in repatriating their money in US dollar, stressing that this issue is temporary.

In this respect, Madbouly said that the government is working currently with the central Bank of Egypt to address this problem.

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