Egypt secured $13.7 bln in development financing in 2022 for sovereign projects, private sector

Doaa A.Moneim , Tuesday 20 Dec 2022

Egypt secured development financing worth $13.7 billion in 2022 to support its national development objectives, with $11.1 billion directed to sovereign projects across various economic activities and $2.6 billion dedicated for the private sector, Minister of International Cooperation Rania Al-Mashat announced on Tuesday.



Al-Mashat explained that the $11 billion included $2.4 billion for budget support to be disbursed by June 2023.

It will be used for expanding social spending including food security, universal health insurance and social protection programmes.

The minister also pointed out 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), the 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, according to the minister.

Al-Mashat said 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.

These development partners include multilateral organisations like the AFD, EU and many others. Bilateral partners include the US, Japan, China and others, she explained.

The minister added that despite successive challenges since 2020, Egypt has still been able to maintain strong relations with its development partners, mobilising the necessary financing to support the country’s development efforts, in line with the Sustainable Development Goals (SDGs).

These crises included the COVID-19 pandemic and its economic, social and health repercussions, as well as the Russian-Ukrainian war that led to an increased demand for concessional development finance by various countries and institutions. she said.

The international cooperation ministry is committed to supporting projects to enhance Egypt’s acceleration of sustainable development, as well as rolling out ambitious strategies to stimulate development cooperation with all its partners, she stressed.

“The Ministry of International Cooperation monitors and follows-up on development finance, provides an interactive map to match official development assistance (ODA) to the SDGs, enhancing governance and transparency in terms of how citizens are benefiting,” Al-Mashat asserted.

The total number represents an increase in development financing over previous years. In 2020, Egypt secured $9.8 billion, including $3.5 billion for the private sector. In 2021, the country secured $10.2 billion, including $1.5 billion for the private sector.

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