The Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat, has announced the outcomes of collaborative efforts with multilateral and bilateral development partners, alongside relevant national authorities, to garner support for the government’s initiative to implement reform and structural policies.
The objectives also focused on bolstering the state’s overall budget, improving macroeconomic competitiveness, and promoting the fulfillment of the state ownership policy document’s objectives. This involved spearheading negotiation processes, facilitating coordination, and overseeing the implementation of agreed-upon procedures and policies.
The Ministry of International Cooperation has announced that their collective efforts have led to the mobilization of soft financing totaling approximately two billion dollars. This includes $700 million approved by the World Bank’s Board of Directors under the Development Policy Financing (DPF) program, as well as one billion euros ($1.069 billion) from the European Union.
The agreement for the European Union funding is expected to be signed during the upcoming Egyptian-European Investment Conference as part of the “Macroeconomic Support and Budget Deficit Support Mechanism” (MFA).
“Furthermore, there has been an additional soft development financing of $131 million from the African Development Bank (AFDB), and the finalization of a $100 million financing from the Economic Development Cooperation Fund (EDCF) is currently underway.”
During the recent period, there have been extensive negotiations and coordination between multilateral and bilateral development partners and relevant national bodies. The objective was to mobilize budget support funds in order to support structural reform policies and promote private sector participation in development through three main axes.
According to Egypt Today Website these axes represent a common factor in various budget support programs implemented with international partners and include: macroeconomic stability, enhancing resilience, improving competitiveness and the business environment, and promoting the green transition.
