Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

March 6 Coverage to March 13

Egypt’s Minister of International Cooperation Rania Al-Mashat stated that financing from multilateral and bilateral development partners reached $20 billion during 2020 and 2021 through the framework of the Egypt-International Cooperation Forum (Egypt-ICF).

In 2021, Egypt successfully concluded $10.2 billion worth of development financing agreements for both public and private sectors, with $2.47 billion being invested in various sectors, the Ministry of International Cooperation stated.

Minister of International Cooperation Rania Al-Mashat said that Egypt’s current development cooperation portfolio includes 372 projects amounting to $26.5 billion spread across vital development sectors.

The Ministry of International Cooperation stated that its current portfolio has 47 projects to boost economic growth, $2 billion to investment in education development.

The transportation sector achieved an investment boom reaching $244.7 billion and a growth rate of 104% in the plan of fiscal year (FY) 2021/22, Minister of Planning and Economic Development Hala El-Said stated.

Egypt is among Africa’s top four in terms of the number of fintech startups, which increased significantly starting from 2014 to reach 112 new companies in 2021, according to the Information and Decision Support Center.

The United Kingdom provided Egypt with £12 million in technical support through the World Bank to support economic and social reforms as well as climate action, according to Minister of International Cooperation Rania Al-Mashat.

Between 2016 and 2020, the UK provided more than £50 million to support Egypt’s comprehensive sustainable development, according to the Ministry of International Cooperation.

Egypt is set to receive 189,000 tonnes of Russian, Ukrainian, and Romanian wheat shipments, each of which is 63,000 tonnes, the Ministry of Supply and Internal Trading said.

Minister of Finance Mohamed Maait stated that Egypt has EGP 170 billion in reserves in its general budget for the current fiscal year, which will help mitigate the impact of the Russian-Ukrainian conflict on wheat prices.


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