The Ministry of International Cooperation has released its annual report “Platforms for Policy & Practice”, which showcases the details of its international partnerships and concessional development financing for various sectors of the state and the private sector from 2020 to 2023. The report aims to enhance the principles of transparency and governance and align with the global efforts to develop the financial structure.
According to the report, the Ministry of International Cooperation, in collaboration with development partners and national entities, has secured a total of $38.8bn in soft development financing packages and grants from multilateral and bilateral sources, based on the national vision and various strategies of the Arab Republic of Egypt.
The report also reveals that the state sectors received $28.5bn, while the private sector received $10.3bn in development financing during the four years. These financings cover various fields such as climate, development, and private sector empowerment.
The report highlights the favorable terms of these financings, which have long durations, low interest rates, and generous grace periods. The average interest rate of the financings agreed upon over four years is about 1.6%, the average repayment period is 18.6 years, and the average grace period is 6.4 years.
The report lists the various multilateral and bilateral development partners that provided the financings, including the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Asian Infrastructure Investment Bank, the African Development Bank, the International Finance Corporation, the Multilateral Investment Guarantee Agency, the Islamic Private Sector Finance Corporation, the Green Climate Fund, the United Nations and its affiliated agencies and programmes, the African Export-Import Bank, the Arab Monetary Fund, the Islamic Development Bank, the International Islamic Trade Finance Corporation, the French Development Agency, Spain, South Korea, the Kuwait Fund for Development, China, Austria, Japan, the United States of America, the European Union, Germany, Canada, the Abu Dhabi Fund for Development, the Saudi Fund for Development, Switzerland, Italy, the United Kingdom, the Japan Bank for International Cooperation, the Japan International Cooperation Agency, the Netherlands Development Bank, and the German Development Bank.
The Minister of International Cooperation, Rania Al-Mashat, said that the report reflects the resilience and strength of international cooperation and relations amid the major challenges and crises that have affected the world in the past years, such as the pandemic, the Russian-Ukrainian war, and the geopolitical tensions.
