Egypt draws up $ 9.8 bn from international institutions during 2020, minister

The International Cooperation Ministry marshaled $ 9.8 billion to finance development projects in 2020, Minister Rania Al Mashat said yesterday during the launch of the ministry’s annual report.

The International Cooperation Ministry marshaled $ 9.8 billion to finance development projects in 2020, Minister Rania Al Mashat said yesterday during the launch of the ministry’s annual report

The report added that $ 6.7 bn have been allocated to government projects and $ 3.1 billion going to support the private sector.

Al Mashat — who took over the ministry a year ago — reviewed the measures taken by the government at large during the year to confront the repercussions of the “extremely difficult” pandemic.

These measures include new financial policies, interest rate cuts, tax breaks, reducing energy prices for the industrial sector, and support for day laborers.

The transport sector received the most public sector financing this year at $1.7 bn, followed by water and sanitation with $ 1.4 bn, and energy with $ 677 mn. Budget support and social solidarity initiatives received $ 638 mn and $505 mn respectively.

The European Investment Bank provided the most financing for the private sector, earmarking $1.9 billion this year, followed by the European Bank for Reconstruction and Development with $641 million and the International Finance Corporation with $ 421 million.

Al Mashat highlighted the effectiveness of initiatives taken by international institutions during covid-19 such as the World Bank’s $ 50 bn response fund targeting Africa.

Next year will see the private sector receive more financing, said Al Mashat, who highlighted green projects as a priority sector.