Egypt receives $39 bln soft development financing in 2020-2023

Ahram Online , Sunday 17 Dec 2023

Egypt has received $38.8 billion of soft development loans and grants from international development partners between 2020 and 2023, according to a report released on Sunday by the Ministry of International Cooperation.

A general view of the Nile river in Cairo, Egypt. (AP)
A general view of the Nile river in Cairo, Egypt. (AP)

 

The Egyptian state received $28.5 billion of these loans over four years, the report said.

The report also revealed that the Egyptian private sector received $10.3 billion in development loans between 2020 and 2023 to finance projects in fields including climate and empowering private companies. 

These financings were provided by various multilateral development partners, including the World Bank, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Asian Infrastructure Investment Bank (AIIB), the African Development Bank (AfDB), and the International Finance Corporation (IFC), the report showed.

The financings provided by international development partners over the last four years are long-term and have an average interest rate of 1.6 percent with grace periods of up to 6.4 years, Minister of International Cooperation Rania Al-Mashat said.

Egypt’s external debt reached $164.73 billion during the fourth quarter of the fiscal year (FY) 2022/2023, according to the latest debt data released by the Central Bank of Egypt.

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