Egypt secures $230 million in funding from Japan for budget support

Posted on May 3, 2024   |  

Egypt has finalized a funding agreement with Japan, securing USD 230 million (EGP 11 billion) to support the government's budget.

This collaboration with Japan comes in the wake of Egypt's recent loan expansion agreement with the International Monetary Fund (IMF), which has contributed to restoring investor confidence in the Egyptian market.

In March, the IMF's board approved the first and second reviews under the Extended Fund Facility for Egypt, resulting in an increase of approximately USD 5 billion (EGP 239 billion) in the country's program value, reaching a total of USD 8 billion (EGP 383 billion).

The funding arrangement with Japan reflects Egypt's ongoing efforts to strengthen its economic stability and foster trust among investors in the domestic market.