CAIRO - 10 March 2024: The Minister of Finance, Mohamed Maait announced that Egypt has no intentions to issue bonds in the international markets until the end of the current fiscal year, this came during a press conference held on Sunday.
Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners.
The total amount of $20 billion comprises approximately $11 billion from international partners, such as the World Bank, European Union, Japan, and the UK. Additionally, it includes the $8 billion International Monetary Fund (IMF) package that was agreed upon with the Fund last week. Furthermore, there are ongoing discussions for a climate finance allocation of $1 to 1.2 billion through the Fund's Resilience and Sustainability Facility.
During the press conference, the minister added that the first tranche of the International Monetary Fund (IMF) loan will be disbursed after the IMF Board meeting.
He also noted that comprehensive reforms supported by the IMF program are expected to attract foreign direct investment and enhance Egypt's export potential by increasing the competitiveness of the Egyptian economy.
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