Egypt Secures $500 Mln in Financing for Educational and Health ProjectsSource: www.export-egypt.com 11/12/2023, Location: Africa |
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Egypt's Ministry of Finance has secured $500 million in financing from Deutsche Bank, Bahrain-based bank ABC, and Kuwait-based Arab Investment and Export Credit Guarantee Corporation, known as "Dhaman", the ministry announced in a statement.
According to the statement, the finance package will be allocated to implement crucial educational and health projects. Additionally, The partnership underlines Egypt's commitment to diversifying its financial resources through the utilization of innovative and sustainable tools, the Ministry said. This step marks the first instance in which the Egyptian government has obtained development finance backed by a multilateral financial institution, Dhaman, which provides low-cost financing options, the statement highlighted. Moreover, this strategic move aligns with Egypt's ongoing endeavours to address its financing gap of $17 billion through 2026, according to estimates from the International Monetary Fund (IMF). Furthermore, the government consistently targets the funding of its budget deficit, which stood at six percent of the country's GDP in the fiscal year 2022/2023. With an external debt totalling $165.3 billion, Egypt faces the obligation of servicing $71.6 billion of debt in the next three years, including $29.23 billion due in 2024. To meet its financial requirements, the government has set a goal of securing $3 billion in financing from various external markets by the end of this year, Minister of Finance Mohamed Maait said in July. To achieve this objective, Egypt will leverage the support of institutions such as the African Development Bank (AfDB) and the Asian Investment International Bank (AIIB). Additionally, the government plans to continue issuing Panda and Samurai bonds, targeting investors in the Asian market. |
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