Egypt raises $17 billion in financing in two weeks.. Are you waiting for more?

Cairo – Masrawy:

Egypt raised nearly $17 billion within two weeks from international financial institutions, while it is awaiting additional financing from the World Bank worth $3 billion.

Finance Minister Mohamed Maait had expected Egypt to obtain a financing package exceeding $20 billion from international institutions, following the Egyptian government’s agreement with the International Monetary Fund, last week.

The minister said in statements last week that the expected financing package includes $9.2 billion from the International Monetary Fund and $3 billion from the World Bank, in addition to other financing from the European Union.

The government signed an agreement with the European Union to finance 7.4 billion euros, equivalent to more than 8 billion dollars, and also reached an agreement with the International Monetary Fund to increase the value of the loan that was signed at the end of 2022, from 3 billion dollars to 8 billion dollars, in addition to financing about $1.2 billion from the International Monetary Fund’s Sustainability Fund.

Thus, the government has collected the majority of the funds, and it remains to obtain World Bank financing to complete the $20 billion package expected by the Minister of Finance.