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Egypt’s Economic Transformation: Unlocking USD 2 Billion in International Support

June 25, 2024
Photo Source: Instagram

The Egyptian government has mobilized approximately USD 2 billion ((EGP 96 billion)  in soft financing from various international financial institutions and development partners over the past few months, as announced by the Minister of International Cooperation, Dr. Rania Al-Mashat. 

These funds will support the government’s efforts to implement economic and structural reforms, strengthen macroeconomic resilience, and improve competitiveness. 

The mobilized financing includes USD 700 million (EGP 33 billion) approved by the World Bank’s Board of Directors within the Development Policy Financing (DPF) program, USD 1.069 billion (EGP 51 billion) from the European Union under the Macro-Financial Assistance (MFA) mechanism, USD 131 million (EGP 6 billion) in concessional development financing from the African Development Bank (AfDB), and USD 100 million (EGP 4 billion) from Korea’s Economic Development Cooperation Fund (EDCF).

These budget support programs are underpinned by three key pillars of reform: enhancing the competitiveness of the Egyptian economy and improving the business environment, building macroeconomic resilience and stability, and supporting the green transition.

Minister Al-Mashat emphasized that the ministry is working with an integrated approach to maximize the benefits of international partnerships in supporting Egypt’s structural reform efforts and empowering the private sector. 

Over 30 procedures and policies have been implemented to support these reforms and enhance the competitiveness of the Egyptian economy.

The upcoming Egypt-EU Investment Conference will serve as a platform to announce the details of the MFA agreement with the EU, which marks a significant milestone in Egyptian-European relations under President Abdel-Fattah El Sisi’s leadership.

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