Egyptian Minister of International Co-operation Rania el-Mashat announced that multilateral as well as bilateral development partners provided soft development funding packages worth of $13.7 billion in 2022 in support of reinforcing development efforts in the various domains, boosting partnership between the private and the public sector and spurring green transformation plans to help move toward a green economy.
In a Cabinet meeting chaired by Prime Minister Moustafa Madbouli on Thursday, the minister reviewed funding packages raised by development partners to the private and public sectors in 2022.
According to el-Mashat, Egypt secured development financing agreements worth $11.1 billion directed to sovereign projects through various economic sectors in support of national development objectives.
Among the agreements are $2.4 billion in funds to support the State’s general budget and promote economic reforms, such as enhancing food security, energy subsidy reforms, social protection programs and comprehensive health insurance, which will be made available until next June, she explained.
The minister emphasized that $2.6 billion worth financing to the private sector was secured through cooperation with many development partners, including International Finance Corporation (IFC), Agence Française de Développement (AFD), European Union (EU) and many others.
All drives run as part of efforts meant to incentivize the private sector, in cooperation with international partners and in line with the State’s vision, with a view to further engaging the private sector in contributing to development efforts in the country.
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