Egypt has secured $38.8bm in development financing and grants over the past four years through partnerships with multilateral and bilateral development partners, the Ministry of International Cooperation told the House of Representatives' Foreign Relations Committee on Tuesday. Of the total amount, $28.5bn was directed to various state sectors, while $10.3bn went to the private sector, covering areas such as climate action, development, and private sector empowerment. The financing, secured between 2020 and 2023, is characterized by long-term agreements with an average interest rate of 1.6% and an average repayment period of 18.6 years, including grace periods of up to 6.4 years. These funds were provided by a diverse range of partners, including the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Asian Infrastructure Investment Bank, the African Development Bank, and the International Finance Corporation, among others. Bilateral partners such as France, Spain, South Korea, Kuwait, China, Austria, Japan, the United States, the European Union, Germany, Canada, the United Arab Emirates, Saudi Arabia, Switzerland, Italy, the United Kingdom, and the Netherlands also contributed. The Ministry highlighted its role in facilitating cooperation with the United Nations in Egypt, particularly through co-chairing the steering committee for the United Nations Sustainable Development Cooperation Framework. This mechanism coordinates efforts between national entities and UN agencies to advance Egypt's sustainable development goals. To further support the private sector, the Ministry launched the "Hafez" platform, providing financial and technical support to businesses of all sizes. Additionally, the Ministry collaborates with development partners on technical support projects to enhance the capabilities and efficiency of Egyptian businesses. The Ministry also detailed its efforts to strengthen relations with Asian countries and multilateral institutions, including Egypt's membership in the New Development Bank affiliated with the BRICS group. Historical ties with China were emphasized, with a focus on establishing a joint cooperation strategy and the signing of a memorandum of understanding for a debt-for-nature swap program. The presentation also touched upon the successful "NWFE" program, a national platform for climate action that has garnered international recognition. This program has facilitated financing and technical support for private sector projects aligned with Egypt's National Climate Change Strategy 2050 and Nationally Determined Contributions. The Ministry concluded by outlining future areas of cooperation with the European Union, following the approval of a cooperation document in June 2022 and the elevation of relations to a strategic partnership. This comprehensive update on the Ministry's activities was presented during a session of the House of Representatives' Foreign Relations Committee, chaired by Representative Karim Darwish, to discuss the Ministry's budget for the fiscal year 2024/2025.
