Japan to Provide USD 230 Million Funding to Support Government Budget

Japan is set to support the Egyptian government’s budget for 2024 with a contribution of USD 230 million (EGP 11 billion) in funding, following an agreement at the World Economic Forum in Riyadh.

The tranche of money is the latest in a string of funding from various international institutions, including the EU, World Bank, and the International Monetary Fund (IMF), most of which came with the government’s decision to float the Egyptian pound, devaluing it by more than 50%.

The second tranche of the USD 8 billion loan programme from the IMF was disbursed in late April 2024, totalling USD 820 million. Meanwhile, the USD 20 billion was transferred as part of the USD 35 billion Ras El Hekma deal with the UAE’s sovereign wealth fund.