Minister of International Cooperation Rania Al-Mashat announced that Egypt’s total development financing in 2020 and 2021 amounts to $20bn, of which $9.8bn was secured in 2020 and $10.2bn in 2021.
This includes $8.7bn directed to public sector development and $1.57bn directed to private sector development. It also includes development financing grants of $476m, representing 5% of 2021’s total secured development financing.
Al-Mashat’s remarks came during a press conference held on Monday to launch the Ministry of International Cooperation’s 2021 Annual Report titled ‘Engaging for Impact Towards Our Common Future: International Partnerships for Sustainable Development.’
The report detailed the development financing secured from bilateral and multilateral development partners and international financial institutions (IFIs) during 2021 and directed to various economic sectors across the economy.
This comes within the framework of the ministry’s country-led multi-stakeholder engagement framework that is aiming to strengthen economic relations between Egypt, its bilateral and multilateral development partners, and international organisations, pushing forward Egypt’s 2030 Vision, which also aligns with the United Nations’ 2030 Sustainable Development Goals (SDGs).
The report showed that during 2021, the ministry secured development financing agreements to establish infrastructure across multiple sectors, including housing, water, irrigation, sanitation, transportation, electricity, renewable energy, agriculture, food security, and the environment.
The development financing agreements directed to public sector development amount to $8.7bn, according to the report.
Furthermore, the report states that the development financing obtained from bilateral and multilateral development partners that has been directed to infrastructure projects amounts to $2.95bn. Through which, $1.14bn were allocated to five projects in the transportation sector, which is a high-priority sector for development in Egypt’s plan to achieve sustainable development.
The report revealed that the year 2021 also witnessed development financing agreements for the housing and utilities and local development sector worth $169m.
In advancing Egypt’s strategy to advance the green transformation towards new and renewable energy and working towards the achievement of the 2035 Integrated Sustainable Energy Strategy (ISES) in 2021, $1.04bn were secured in development financing directed to the sectors of energy, renewable energy, and petroleum from development partners.
The annual report has also shown that the Ministry secured $230m for the environment sector this year.
“The development financing secured through partnerships with multilateral and bilateral development partners in 2021, and in support of investing in human capital, amounts to $2.47bn, covering various sectors, including health, education, higher education, gender equality, small and medium enterprises (SMEs), and food security,” said the report.
In the agriculture, supply, and irrigation sector, $1.5bn in development financing was secured through cooperation with the International Islamic Trade Finance Corporation, the European Bank for Reconstruction and Development, the International Fund for Agricultural Development, and the European Union.
In terms of education and higher education, $134m were secured through cooperation with the African Development Bank, Germany, the US, and Japan, supporting the implementation of SDG 4: Quality Education; SDG 5: Gender Equality; SDG 8: Decent Work and Economic Growth; SDG 9: Industry, Innovation, and Infrastructure; and SDG 10: Reduced Inequalities.
