Rédaction Africa Links 24 with Egypt Independent
Published on 2024-03-12 11:17:29
Egyptian Finance Minister Mohamed Maait recently revealed in an interview with Asharq Business that Egypt is expecting to receive approximately five to six billion dollars (LE246 to LE296 billion) in funding from the European Union in the near future. This funding is part of a larger foreign support package totaling US$20 billion for the Egyptian economy, which also includes contributions from the International Monetary Fund (IMF), the World Bank, Japan, and the United Kingdom.
Maait highlighted that the European aid package will be divided between support for the private sector and funding for the state budget. This comes at a crucial time for Egypt, as the IMF recently expanded its support program for the country from three to eight billion dollars following significant economic policy changes, including the liberalization of the exchange rate and the raising of interest rates.
In addition to these financial developments, Egypt signed a major real estate investment deal at the end of February. The ADQ Holding Company acquired the rights to develop the Ras al-Hikma project for a whopping US$24 billion. This project aims to develop the region and boost economic growth, with an additional $11 billion in deposits set aside for investment in various major projects across Egypt.
These financial injections and investments are expected to have a positive impact on Egypt’s economy, creating job opportunities, boosting infrastructure development, and stimulating economic growth in various sectors. Maait’s statements indicate a sense of optimism and confidence in Egypt’s economic prospects, as the country continues to attract foreign investment and support from international organizations.
The collaboration with the European Union, the IMF, and other international partners underscores Egypt’s commitment to implementing sound economic policies and reforms to drive sustainable growth and development. By leveraging these partnerships and investments, Egypt is positioning itself as a promising destination for foreign investors and a key player in the global economy.
Overall, the financial support from the European Union and other international partners reflects a vote of confidence in Egypt’s economic stability and potential for growth. With strategic investments and targeted funding, Egypt is on track to further strengthen its economy, create opportunities for its citizens, and make significant progress towards achieving its development goals.
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