International Cooperation Minister Rania Al-Mashat said on Monday 24/10/2022 the funds offered by development partners, whether from the World Bank, the European Union, or French or American bodies, are low cost and repaid over long periods, noting there is a grace period with a low-interest rate, less than the commercial interest rates.
Speaking at a panel discussion on opportunities to support the private sector as a part of the activities of the Egyptian Economic Conference, Mashat pointed out that the International Cooperation Ministry’s development portfolio reached $23 billion, $7 billion of which is dominated by the private sector.
Mashat underlined that Egypt secured development funds worth $10.2 billion in 2021, adding the private sector secured $5 billion of these funds in 2020 and 2021.
The ministry’s role is based on negotiating with financial institutions to implement Egypt’s vision in different sectors, with various packages to support the private sector, she said.
According to her, only 15% of the development funds portfolio are grants provided to Egypt as most of them are allocated for feasibility studies for some projects.
Source: State Information Service Egypt