Egypt Secured $2.1 Bln Loans to Private Sector in 2023: Mashat to US Congressional DelegationSource: www.export-egypt.com 8/13/2023, Location: Africa |
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Egypt has secured $2.1 billion in concessional financing to the private sector from international partners since the start of 2023, Minister of International Cooperation Rania Al-Mashat said in a meeting with a delegation from the US House Foreign Affairs Committee.
The meeting was attended by Deputy Director of the USAID Mission in Egypt Margaret Sancho, according to a ministry statement. Al-Mashat noted to the US congressional delegation that international institutions which extended concessional loans to the private sector included the IFC, EIB, and EBRD. According to the statement, Minister Al-Mashat praised the decades-old Egypt-US cooperation in development through USAID programs that support economic reforms, developing business competitiveness and job skills in sectors such as agriculture, education, and healthcare. Egypt is negotiating new programs with USAID, added Al-Mashat. The government has taken major steps in recent months to bolster private entrepreneurship, guarantying equal treatment between the public and private sectors and improving the overall investment climate in the country. In 2022, Egypt secured development financing worth $13.7 billion to support national development objectives, with $2.6 billion dedicated to the private sector. |
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