Egypt’s Minister of Planning and Economic Development, Dr. Rania Al-Mashat, revealed that Egypt is on the verge of securing a $300 million budgetary support from the Asian Infrastructure Investment Bank (AIIB). In statements to Bloomberg from Washington, Dr. Al-Mashat confirmed that the agreement has been fully negotiated, with expectations for the deal to be completed and finalized by June of the upcoming year.
This support marks a crucial boost to Egypt’s ongoing efforts, coming off the heels of its successful recovery from an economic crisis last year, which was aided by a global financial rescue plan worth $57 billion.
Dr. Al-Mashat, who participated in the spring meetings of the International Monetary Fund (IMF) and the World Bank, further emphasized that the government is actively working on securing additional agreements aimed at converting outstanding debts owed to other countries into direct investments within Egypt.
This financial backing from AIIB underscores Egypt’s continued push for infrastructure development and economic stabilization, setting the stage for further international partnerships and investments aimed at spurring growth and overcoming financial challenges.
