The Ministry of International Cooperation (MoIC) informed the House of Representatives’ Foreign Relations Committee that Egypt has successfully obtained a significant $38.8 billion in development financing and grants over the past four years through partnerships with various multilateral and bilateral collaborators.
As per the ministry’s report, an allocation of $28.5 billion has been made across various sectors, with a significant portion of $10.3 billion directed towards the private sector. This allocation primarily emphasizes initiatives pertaining to climate action, development, and the empowerment of the private sector.
The funding obtained between 2020 and 2023 primarily stemmed from long-term agreements featuring an average interest rate of 1.6 percent and an average repayment period of 18.6 years, inclusive of grace periods of up to 6.4 years.
The funding was secured from a range of partners, including esteemed institutions such as the World Bank, the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the African Development Bank, and the International Finance Corporation, among others.
The following bilateral partners, including France, Spain, South Korea, Kuwait, China, Austria, Japan, the United States, the European Union, Germany, Canada, the United Arab Emirates, Saudi Arabia, Switzerland, Italy, the United Kingdom, and the Netherlands, have made substantial contributions.
The Ministry of Industry and Commerce (MoIC) has emphasized its “Hafez” platform, designed to provide financial and technical assistance to businesses of all sizes in order to foster the growth of the private sector. Furthermore, collaborative initiatives with development partners on technical support projects are aimed at enhancing the capabilities and efficiency of Egyptian businesses.
