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REUTERS/Sherif Fahmy
Egypt’s minister of planning Rania Al-Mashat said the country has implemented 86 reforms in 2024 to improve economic resilience and safeguard against future shocks
Egypt has secured $231 million in concessional financing from the state-backed Japan International Cooperation Agency to support its private sector development.
The facility will support economic diversification toward the transition to a green economy through budget support for policy reforms.
It will bolster economic competitiveness and diversify the economy toward a green economy, promoting economic stabilisation and sustainable growth.
The loan carries a 2 percent annual interest rate, with a repayment period of 30 years and a grace period of 10 years.
Nearly $100 million of the loan will be secured through the facility set up with the Africa Development Bank (AfDB) and the Korea-Africa Energy Investment Framework.
Egyptian minister of planning, economic development, and international cooperation Rania Al-Mashat said the financing will promote macroeconomic stability and diversify the country’s production base, focusing on vital sectors such as industry, agriculture and telecommunications, Egypt Today newspaper reported.
The minister said Egypt implemented 86 reforms in 2024 to improve economic resilience and safeguard against future shocks.
Last week Al Arabiya Business reported that foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE.
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