Ministry of finance partners with international banks to secure $500m

CAIRO - 12 November 2023: According to a statement released by the Ministry of Finance, the ministry, Deutsche Bank, Bank ABC, and the Arab Investment and Export Credit Guarantee Corporation (Daman) to secure $500 million in new development financing.

The primary objective of this partnership is to implement health and educational projects.

This joint effort aims to diversify funding sources through innovative, diverse, and sustainable tools while addressing environmental and governance requirements. Notably, this marks the first time that development financing has been secured with the guarantee of a multilateral financial institution.

The Ministry of Finance commends the interest shown by international and regional banks and expresses gratitude for the involvement of Daman, Deutsche Bank, and Bank ABC, as their participation aids in diversifying sources of financing.

During the second edition of Africa Health ExCon in June, Minister of Health and Population Khaled Abdel Ghaffar announced that Egypt has successfully revitalized and executed 965 healthcare projects, with a total investment cost of LE 91.31 billion.

The minister further revealed that Egypt's goals for 2023 include developing and establishing 53 hospitals with a budget of LE 27.909 billion. Additionally, Egypt plans to construct three hospitals in 2024 for LE 14.1 billion and an additional 14 hospitals in 2025, requiring investments of LE 19.56 billion.