Egypt secured a record $4.2 billion in concessional development financing for the private sector in 2024, the highest in five years, the Ministry of Planning, Economic Development, and International Cooperation said on Wednesday. The total volume of concessional financing reached $9.6 billion during the year, including $3.2 billion for the public sector, of which $1.8 billion went toward direct budget support and $300 million in development grants, the ministry said in its annual report. The report highlights a shift in financing dynamics, with private sector funding surpassing public sector financing for the first time, as Egypt ramps up support for local enterprises and economic diversification. "Mobilising sustainable finance is key to driving private sector-led growth," said Minister of Planning Rania Al-Mashat. "This reflects our new integrated framework for sustainable development financing launched in line with Egypt Vision 2030." The 2024 annual report, titled Macroeconomic Stability, Structural Reforms, and Economic Diplomacy to Advance Sustainable Development, also details progress in structural reforms, green economy initiatives, and enhanced partnerships with international development institutions. International donors and partners contributing to Egypt's financing portfolio include the World Bank, African Development Bank, European Union, United Nations Development Programme (UNDP), and bilateral agencies from Germany, Japan, and Italy. The report outlines Egypt's efforts to modernise economic planning, expand the role of the private sector, and boost transparency. It also underscores Egypt's participation in global forums such as BRICS+, the G20, and the World Economic Forum in Davos. The ministry introduced a new methodology for preparing the FY2025/26 economic plan, anchored in sustainable development goals and structural reform priorities. To access the full report, visit: https://moic.gov.eg/page/annual-report-2024 Attribution: Amwal Al Ghad English
