Egypt Secures USD 7.31 bn in Funding in 2020: Al-Mashat

Egypt Secures USD 7.31 bn in Funding in 2020: Al-Mashat

Egypt’s Ministry of International Cooperation managed to conclude agreements worth USD 7.31 bn (EGP 114.6 bn) in development funds from multilateral and bilateral partners in 2020, USD 2.76 bn (EGP 43.3 bn) of which is being directed to the private sector, Invest-Gate reports.

The 2020 deals also include merely USD 4.55 bn (EGP 71.3 bn) allocated for bankrolling the country’s sovereign projects, Minister of International Cooperation Rania Al-Mashat affirmed in a recent official statement, noting that such facilities ensure dedication to sustainable development and to achieve Egypt Vision 2030 collectively.

Al-Mashat further stated that Egypt had entered the Coronavirus crisis with robust fiscal and foreign reserve buffers due to the homegrown reform program implemented between 2016 and 2019 in collaboration with the International Monetary Fund (IMF).

“Egypt’s economy is projected to grow by 2% in 2020, followed by a rebound of 5% in 2021, according to the European Bank for Reconstruction and Development (EBRD),” she added.

Besides, she emphasized the international cooperation ministry’s commitment to charting the progress toward the UN’s 17 Sustainable Development Goals (SDGs), as the world enters into a “decade of action and delivery.”

Currently, Egypt’s Ministry of International Cooperation has a total development cooperation portfolio of 34 projects that answer to “SDG 7: Affordable and Renewable Energy,” with combined funds of USD 5.9 mn (EGP 92.5 mn), with an additional development financing worth USD 425 mn (EGP 6.7 mn) secured in 2020, as highlighted in a previous statement.


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