This funding will be accompanied by budgetary funding from the World Bank and forms a component of a previously disclosed $6 billion three-year bundle, Al Mashat added.
Egypt expects to receive $400 million to support its budget from the United Kingdom (UK) over two years, Minister of International Cooperation (MoIC), Rania Al-Mashat said during an interview with Ashraq Bloomberg.
This funding will be accompanied by budgetary funding from the World Bank and forms a component of a previously disclosed $6 billion three-year bundle, Al Mashat added.
Minister Al-Mashat disclosed that Egypt hopes to receive the first payments of $200 million from the UK and $500 million from the World Bank by July 2024.
Egypt can obtain this funding after the approval of the House of Representatives, minister of MoIC added.
This indicates that Egypt has mobilized $57 billion in funding from global institutions and regional allies to support the economy.
Al-Mashat said that her ministry has also contacted the Asian Infrastructure Investment Bank to support the budget and talks may begin soon.
She also pointed to the debt swap deal that Egypt signed with China in October 2023, which is valued at $100 million.
The minister of MoIC confirmed that the government will allocate $5 billion to support the budget from European Union funding which amounts to $7.8 billion.
Furthermore, Egypt will direct half of the World Bank’s financing for three years, worth $6 billion, to private sector projects through the International Finance Corporation.
Of the remaining amount, $1.5 billion will be allocated to budget support and government development projects.
