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Egypt Secures $230 Million from Japan to Support Budget

April 30, 2024
Image Credit: Ministry of Finance – Egypt/Facebook

Egypt reached an agreement to receive USD 230 million (EGP 11 billion) in funding from Japan in support of the government’s budget, Minister of Finance Mohamed Maait revealed in a statement to Asharq Business on 29 April.

Maait’s comments came during a sidelines interview at the World Economic Forum in the Saudi capital of Riyadh.

“Egypt looks forward to deepening economic and trade cooperation with Japan to achieve sustainable development,” Maait mentioned during his meeting with Governor of Japan Bank for International Cooperation (JBIC) Hayashi Nobumitsu.

Maait added that the agreement with Japan arrived in light of the recent loan expansion agreement with the International Monetary Fund (IMF) – reviving investors’ trust in the Egyptian market.

At the end of last March, the IMF’s board approved the first and second reviews under the Extended Fund Facility for Egypt and agreed to increase the value of the country’s original program by about USD 5 billion (EGP 239 billion), bringing the total to USD 8 billion (EGP 383 billion).

Maait concluded by inviting the Japanese business sector to take advantage of the growing and competitive economic opportunities in Egypt – particularly during the ongoing incentives provided by the government to streamline investment projects.

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