Egypt Secures USD 2.9 Billion in Financing for Budgets & Reforms

The Egyptian government is set to secure USD 2.9 billion in new financing from a group of development partners, including the European Union, as part of efforts to support the country's general budget and enhance structural reforms.

The announcement was made by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat during her first press conference since the merger of the Ministry of Planning and Economic Development, and the Ministry of International Cooperation.

The USD 2.9 billion financing will be provided by a consortium of international institutions, including the World Bank Group, the African Development Bank, Japan, the Asian Infrastructure Investment Bank, and the French Development Agency. The funds will be channeled through multiple mechanisms, such as Macroeconomic Support, Budget Deficit Support, and Development Policy Financing.

As part of a wider effort to promote equitable economic and social development, the government is focused on ensuring fair distribution of investments across governorates, with an increasing allocation of funds for human and social development and local development projects.