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AIIB approves financing worth $360M to Egypt to support recovery and reforms

With the new funds, financing for the Development Policy Financing Framework reached a combined $720 million from development partners the World Bank and AIIB

By: Business Today Egypt

Tue, Nov. 23, 2021

The Asian Infrastructure Investment Bank (AIIB) approved new financing worth $360 million to support Egypt's recovery from the COVID-19 pandemic and strengthen economic and structural reform programs.

According to Minister of International Cooperation, Dr. Rania Al Mashat, noted that with the new funds, financing for the Development Policy Financing Framework reached a combined $720 million from development partners the World Bank and AIIB.

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The Development Policy Financing Framework, prepared by the government in cooperation with the two development partners, aims to support the economy and the second wave of structural reforms, according to Al Mashat.

Al Mashat stated that the framework’s foundations aim to promote financial sustainability, and stimulate private sector participation in development efforts, and empower women.

By working together with the Egyptian government, they will be able to achieve integration between development partners' efforts to maximize the impact of development cooperation, through more participation of a development partner in financing projects that represent the state's priority.

The 1st foundation/focus is investment in infrastructure, aimed at promoting financial sustainability and includes improving the management of state-owned companies by promoting transparency and preparation of private reports, as well as encouraging further transformation towards a green economy.

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Stimulating private sector participation in development efforts through digital and financial inclusion, facilitating trade and customs-related operations, as pushing initiatives to Egypt's competitiveness and create jobs in the private sector, is the 2nd focus.

It is also working on improving the private sector’s involvement in waste management projects, which lays the foundation for green development.

The final focus deals with strengthening women’s empowerment in economy, supporting governmental legislative and organizational reforms that promote women's participation in the workforce and the government's adoption of a national rules of conduct to enhance safe and appropriate transportation of women in the railways.

Interested in learning more of Egypt’s multilateral relationships? Catch all Ministry of International Cooperation related news Here

Al Mashat highlighted the government’s determination to move forward in economic and structural reforms, which are an integral part of its quest to achieve a flexible, comprehensive and sustainable economic recovery that will allow it to weather future shocks and encourage purposeful efforts to achieve its SDG 2030 goals.