Maait explained that by the end of June 2024, Egypt is expected to receive $1 billion from the World Bank, € 1.07 billion from the European Union, in addition to $820 million from the International Monetary Fund (IMF).
Finance Minister, Mohamed Maait, said that Egypt will receive about $20 billion from the second tranche of the Ras El Hekma project until the end of May 2024, in an interview with CNBC Arabia.
Maait explained that by the end of June 2024, Egypt is expected to receive $1 billion from the World Bank, € 1.07 billion from the European Union, in addition to $820 million from the International Monetary Fund (IMF).
Furthermore, Japan will provide Egypt with $230 million, but the timing of their disbursement has not yet been determined, Maait disclosed.
Additionally, Egypt is expected to receive a sum of payments totaling between $25 and $30 billion by the end of April, in addition to May and June.
The minister said that 50% of the proceeds from the offerings, especially Ras El Hekma, will be used to reduce debt.
He also expected that Egypt would end FY 2023/2024, with a debt ratio to the economy at 88%.
During the interview, Minister Maait added that Egypt set a target to obtain about $2.4 billion from the IPO program, and he indicated that the state is close to achieving this target by FY 2023/2024.
The minister also confirmed that Egypt aims to achieve $3.6 billion initially during FY 2024/2025 from the IPO program.
