The Ministry of International Co-operation’s 2021 Annual Report titled ‘Engaging For Impact Towards Our Common Future: International Partnerships for Sustainable Development’ details the development financing secured from bilateral and multilateral development partners, and International Financial Institutions (IFIs), during 2021, and directed to various economic sectors across the economy.
The total development financing in 2020 and 2021 amounts to $20 billion, of which $9.8 billion was secured in 2020 and $10.2 billion in 2021, including $8.7 billion directed to public sector development, and $1.57 billion for private sector development.
This also includes development-financing grants of $476 million, representing 5 per cent of total secured development financing in 2021.
Around $720 million was secured from the World Bank and Asian Infrastructure Investment Bank (AIIB) to support the structural reform programme and to stimulate private sector participation in development.
This is within the framework of the Ministry of International Co-operation’s country-led multi-stakeholder engagement framework aimed to strengthen economic relations between Egypt and its bilateral and multilateral development partners, and regional and international organisations, pushing forward Egypt Vision 2030, which also aligns with the United Nations 2030 Sustainable Development Goals (SDGS).
During 2021, the Ministry of International Co-operation secured development financing agreements for various sectors to infrastructure across sectors of housing, water, irrigation, and sanitation services, transportation, electricity, renewable energy, agriculture, food security, and environment. The development financing agreements directed to the public sector development amounts to $8.7 billion.
The annual report has also shown that the Ministry secured $230 million in the environment sector this year, from development partners, including the World Bank Group, the European Union, Agence Française de Développement, and Germany. This development financing contributes to SDG 7: Affordable and Clean Energy, SDG 9: Industry, Innovation and Infrastructure, SDG 11: Sustainable Cities and Communities, SDG 12: Responsible Consumption and Production, and SDG 13: Climate Action.
The development financing secured through partnerships with multilateral and bilateral development partners in 2021, and in support of investing in human capital, amounts to $2.47 billion, covering various sectors including health, education, higher education, gender equality, small and medium enterprises (SMEs), and food security.
In terms of education and higher education, $134 million was secured through co-operation with the AFD, Germany, USA, and Japan, supporting the implementation of SDG 4: Quality Education, SDG 5: Gender Equality, SDG 8: Decent Work and Economic Growth, SDG 9: Industry, Innovation and Infrastructure, and SDG 10: Reduced Inequalities.
Egypt also signed framework agreements worth $2.6 billion with bilateral development partners; France, the AFD, Spain, and China, with the aim of implementing several development projects in support of the 2030 vision and the SDGs. The agreed upon projects will be finalised in the coming period.
In 2021, the private sector received development financing with a total of $1.56 billion through direct financing and lines to commercial banks for the financing of SMEs.
The private sector secured $1.5 billion in development finance from multilateral and bilateral development partners.
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