Egypt secured $10.2 bln in development financing in 2021

Doaa A.Moneim , Monday 17 Jan 2022

Egypt’s Ministry of International Cooperation secured a total of $10.2 billion in development financing in 2021, including over $8.75 billion for financing sovereign projects and $1.57 billion in support of the private sector, according to a report the issued by the ministry on Monday.

Egypt s Ministry of International Cooperation
Egypt's Minister of International Cooperation Rania Al-Mashat

The ‘Engaging for Impact Towards Our Common Future: International Partnerships for Sustainable Development’ report also revealed that the portfolio of the international cooperation ministry in the area of official development assistance for financing Egypt’s sustainable development goals’ strategy (ODA-SDG) includes 372 projects in various sectors with a total value of $26.5 billion.

These are mostly being directed to achieve Goal 9 — Industry, innovation, and infrastructure — with a budget of $5.9 billion in development financing, constituting 22.3 percent of the total current portfolio.

Additionally, it serves Goal 6 — Clean Water and Sanitation — with a budget of $5.3 billion in development financing, accounting for 20.3 percent of the current portfolio, as well as Goal 7 — Clean and Affordable Energy — with a sum of $4.6 billion, constituting 17.5 percent of the current portfolio, according to the report.

As per the report, ODA-SDG mapping is retold visually by allowing users to track the progress of projects being implemented for each of the SDGs, allowing exploration of the number of projects and partners involved per project across the country’s governorates.

The report also addressed development finances secured in 2021 for executing social sustainability projects in Egypt, which amounted to $2.369 billion directed to health, education, agriculture, gender equality, empowerment for rural youths, as well as small- and medium-sized enterprises (SMEs).

In the digitisation and entrepreneurship fields, the report showed that the ministry’s portfolio includes 36 projects totalling $1 billion dedicated to implementing projects that support such areas.

On the private sector as a major agent of change in Egypt, the report outlined how international partnerships do not target merely the public sector, but also the private sector, which received funding of about $4.7 billion during 2020 and 2021 from international financing institutions (IFIs).

It also detailed the ministry’s efforts to coordinate with all stakeholders and reflect the local 2030 Vision in development partnership strategies, which includes strategies with the European Bank for Reconstruction and Development, African Development Bank, the World Bank, the European Investment Bank, and the United Nations for the sake of accelerating the implementation of the SDGs through strong global partnerships and cooperation.

The report concluded with Egypt’s International Cooperation Forum’s Communique, which proposes an inclusive model of cooperation that galvanises renewed commitments, champions innovative sources of finance, and promotes effective and efficient monitoring frameworks to implement policies realistically on the ground.

During the fourth edition of Egypt’s World Youth Forum in 2022, which was held from 10 to 13 January in Sharm El-Sheikh, President Abdel-Fattah El-Sisi instructed the government to bolster Egypt’s multilateral cooperation through country-led frameworks.

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