Egypt receives $2 billion in budget support from key development partners

Release time:

2024-06-28 20:25

Source Event Xinhua Finance

Reporter Zhang Jian

Source: pexels.com

According to a statement issued by the Egyptian Ministry of International Cooperation, Egyptian Minister of International Cooperation Rania Mashat recently stated that she has raised US $2 billion from development partners such as the World Bank, the European Union, the African Development Bank and South Korea to increase the national budget.

She said in a statement: "The past few months have worked with bilateral and multilateral development partners to advance economic structural reforms and empower private sector development."

She said talks were under way with the Asian Infrastructure Investment Bank with a view to securing funding worth $0.3 billion. Egypt and the EU will sign a macro-financial assistance agreement at the Egypt-EU investment conference scheduled to open on Saturday.

Mashat also said that the Egyptian government has implemented 30 measures and policies in accordance with the plans of development partners to promote structural reforms and improve economic competitiveness.

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