Minister of International Cooperation Rania el Mashat said on Sunday that low-cost development finance generally represents 25% of the country’s external debt, namely $25 billion.
Speaking at a press conference to discuss repercussions of the economic crisis, Mashat said the development finance is not channeled only to the government, but the private sector also makes use of it.
The minister noted that the government was able to provide 4.8 billion dollars for the private sector to establish development projects in 2020 and 2021.
She stressed that the government also offered low-cost financial packages to the private sector to carry out water desalination projects and others through cooperation with financial institutions such as the European Bank for Reconstruction and Development, the World Bank and the European Investment Bank.
“Egypt, in cooperation with partners at financial institutions, works on five-year strategies to strengthen and finance the private sector through the digital, inclusive and green economy,” the minister noted.
Source: State Information Service Egypt