UK to finance Egypt’s budget by $400M: MoIC Minister

Minister of International Cooperation (MoIC), Rania Al-Mashat, announced that Egypt is set to receive financial assistance totaling $400 million from the United Kingdom (UK) over a span of two years, in an interview with Ashraq Bloomberg.

 

This aid will complement budgetary funding provided by the World Bank and is part of a larger $6 billion package disclosed earlier.

Minister Al-Mashat revealed that Egypt anticipates receiving the initial payments of $200 million from the UK and $500 million from the World Bank by July 2024, subject to approval by the House of Representatives. 

 

This contribution is a significant part of Egypt's efforts to secure a total of $57 billion in funding from various global institutions and regional allies, aimed at bolstering the country's economy.

 

Additionally, the Ministry of International Cooperation has been in contact with the Asian Infrastructure Investment Bank to explore potential support for the budget, with negotiations expected to commence soon. 

 

Minister Al-Mashat also highlighted a debt swap agreement worth $100 million signed with China in October 2023.

 

Regarding European Union funding, the government plans to allocate $5 billion out of the total $7.8 billion received to support the budget. 

Furthermore, Egypt intends to allocate half of the World Bank's $6 billion financing over three years to private sector projects through the International Finance Corporation.