Wednesday May 22nd, 2024
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UK to Send USD 400 Million in Economic Aid to Egypt Over Two Years

Egypt also seeks support from the Asian Infrastructure Investment Bank, having agreed to a USD 100 million deal with China.

Cairo Scene

UK to Send USD 400 Million in Economic Aid to Egypt Over Two Years

The Egyptian government is expected to receive USD 400 million in budget support from the United Kingdom over two years, alongside financing from the World Bank, as part of a USD 6 billion, three-year package.

Minister of International Cooperation Dr. Rania Al-Mashat revealed that the first tranches of USD 200 million from the UK and USD 500 million from the World Bank are expected by July, with equal amounts set for the following fiscal year pending parliamentary approval.

This aid comes through ongoing engagement with Egypt, which recently secured USD 57 billion in funding from global institutions and regional partners to revitalize the economy, notably through a significant investment from the United Arab Emirates facilitating a currency flotation and unlocking further agreements with entities like the IMF and EU.

Additionally, Egypt seeks support from the Asian Infrastructure Investment Bank, having already agreed to a USD 100 million debt-swap deal with China to implement joint development projects.

The EU's USD 7.8 billion pledge allocates USD 5 billion for budget support, while the World Bank's financing will include significant private-sector investment through the International Finance Corp., with the remainder earmarked for government projects and budget support.

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