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Egypt to obtain $1B loan from NDB by end of 2024 | FinMin

Maait stated that the loan is anticipated to be secured before the conclusion of 2024.

By: Business Today Staff

Tue, Jun. 11, 2024

Egypt is actively pursuing a soft loan of $1 billion from the New Development Bank (NDB), which is associated with the BRICS bloc, according to Minister of Finance, Mohamed Maait who spoke to Asharq Bloomberg.

Maait stated that the loan is anticipated to be secured before the conclusion of 2024.

 The funds obtained will be utilized to support mutually agreed-upon projects, with the possibility of disbursement in either dollars or alternative currencies.

The finance minister expressed optimism about acquiring the loan either by the end of 2024 or at the commencement of 2025.

Today marks the commencement of the inaugural seminar of the NDB in Egypt. The primary objectives of this event are to focus on introducing the bank’s operations, enhancing cooperation with the Egyptian government and private sector.

Maait expressed that the collaboration with the NDB serves to align with Egyptian goals of pursuing economic and social progress while bolstering the nation’s economic expansion.

The NDB’s 2022-2026 strategy aims to allocate $30 billion for infrastructure and sustainable development, explained Dilma Rousseff, President of the New Development Bank, during her opening speech.

The NDB President emphasized that a significant portion, specifically 40% of the overall funding, will be allocated to initiatives aimed at combating climate change and promoting sustainable energy transition projects.