Egypt’s private sector received more than $4.5 billion in 2021 and 2020 through development financing agreements
Egypt’s private sector received more than $4.5 billion in 2021 and 2020 through development financing agreements, revealed Minister of International Cooperation (MoIC) Dr. Rania Al Mashat during the 2nd day of this year’s CEO Conference.
The MoIC minister previously noted that her ministry directed 31% of total development funding from multilateral development partners towards the private sector in 2020.
The private sector was aided through credit lines from banks for small and medium projects, as well as green bonds which were issued by Egypt's Commercial International Bank (CIB) for the segment.
Al Mashat also noted that the World Bank and the Asian Infrastructure Investment Bank have provided Egypt with a combined $720 million in financing for the Development Policy Financing (DPF) framework.
The DPF aims to support the country’s efforts for a comprehensive recovery and sustainable growth through promoting financial sustainability, and stimulating private sector participation in development efforts, and empowering women.
During 2020, Egypt signed development financing agreements valued at $9.8 billion across different sectors, she added.
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The European Bank for Reconstruction and Development (EBRD) expected in its Regional Economic Prospects that the Southern and Eastern Mediterranean region would achieve economic growth of 4.2% in 2021 and 4.4% in 2022, and Egypt would lead the region's recovery.
The Minister highlighted the importance of collaboration and promoting effective global cooperation to overcome the world’s health, environmental and economic challenges, and move forward towards comprehensive and sustainable recovery.