Egypt provided $ 9.8B in financing for development projects during 2020

CAIRO – 11 February 2021: Egypt succeeded in securing $ 9.8 billion in 2020 through economic diplomacy to finance development, Minister of International Cooperation Rania Al-Mashat said Thursday.

Al-Mashat clarified that $ 6.7 billion out of the funding was secured to finance sovereign projects and $ 3.1 billion was to support the private sector.

The Minister of International Cooperation said that Egypt has a variety of projects across the United Nations agencies and this is all beneficial to the Egyptian economy, as there are many cases in which the United Nations has cited some projects in Egypt and the state wants to see more of that.

This came during Al-Mashat’s virtual meeting with the newly appointed United Nations Resident Coordinator in Egypt, Elena Banova, where they discussed preparatory steps for the next phase of continuous cooperation between Egypt and the United Nations.

Al-Mashat explained that both Egypt and the United Nations can - together - do more to show the projects and use them as an example for countries of similar size and challenges.

The minister expressed her gratitude to former United Nations Resident Coordinator Richard Dictus for his commitment to international multilateral cooperation.

Al-Mashat congratulated Banova on her appointment. She pointed out that Egypt's long participation with the United Nations confirms the firm commitment to multilateral cooperation towards building a world based on leaving no one behind.