Egypt secures $2.9 billion in new financing from development partners to support budget

Posted on October 8, 2024   |  

Egypt will obtain $2.9 billion in new financing from a coalition of development partners, including the European Union.

The funding will help support the country’s general budget and enhance structural reforms.

Authorities will distribute the financing through methods like Macroeconomic Support, Budget Deficit Support, and Development Policy Financing.

A group of international institutions, including the World Bank Group, the African Development Bank, Japan, the Asian Infrastructure Investment Bank, and the French Development Agency, will provide the funds.

The government will prioritize public investments, especially those that are over 70% complete, to use resources effectively.

Egypt will work with ministries and governorates to tackle financial arrears and will delay new projects until all contracts receive ministry oversight.