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Egypt’s Ministry of Finance has secured $500 million in bank financing to implement essential educational and health projects.
The finance project is part of Egypt’s Ministry of Finance collaboration with Deutsche Bank, Bahrain’s ABC, and Kuwait’s Arab Investment and Export Credit Guarantee Corporation, also known as Dhaman. This initiative aims to diversify the country’s financial resources, promote development, and employ innovative and sustainable tools.
This development is significant as it represents the first occasion where the Egyptian government has secured development finance supported by Dhaman. This collaboration provides access to cost-effective financing options outlined in the ministry’s statement.
The government is consistently focusing on funding its budget deficit, which amounted to 6% of the country’s GDP in the fiscal year 2022/2023.
With an external debt totaling $165.3 billion, Egypt is obligated to repay $71.6 billion in the next three years, with $29.23 billion due in 2024.
In July, Minister of Finance Mohamed Maait emphasized that to fulfill Egypt’s financial needs, the government has set a target of securing $3 billion in financing by the end of the year. This includes seeking support from various institutions, including the African Development Bank (AfDB) and the Asian Infrastructure Investment Bank (AIIB).
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