Egypt seeking concessional loans to fund healthcare, education & food security programs: Maait

Ahram Online , Wednesday 24 May 2023

Egypt is seeking concessional loans from regional and international development partners to ensure sustainable spending on healthcare, education and food security programs, Minister of Finance Mohamed Maait said on Wednesday.

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File Photo: An Egyptian man works in a bakery at a market. AFP

During a meeting with senior executives from Citibank on the sidelines of the African Development Bank's (AfDB) annual board meetings in Sharm El-Sheikh, Maait explained that Egypt is coping with the consequences of the global crises by boosting production and supporting activities with the most exposure to internal and external shocks.

The finance minister noted that Egypt is also expanding its social safety net with programs that are more focused on the most vulnerable groups.

In April, Egypt increased earmarks for various subsidies and social protection programs from EGP 358.4 billion in FY2022/2023 to EGP 529.7 billion in FY2023/2024, an increase of 48.8 percent.

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