Egypt secures $230 million in budget support from Japan

CAIRO - 30 April 2024: Egypt has reached an agreement with Japan to receive $230 million in budget support, as announced by Finance Minister Mohamed Maait during the World Economic Forum special meeting held in Riyadh.

Minister Maait revealed that the financing agreement with Japan follows the successful completion of the International Monetary Fund's efforts to increase the loan's value to Egypt.

During a meeting with Japan Bank for International Cooperation Governor Nobumitsu Hayashi on the sidelines of the event, Minister Maait emphasized the potential investment opportunities available to the Japanese business community in Egypt. He expressed gratitude for Japanese investments' significant role in Egypt's progress, particularly in areas such as human development, health, education, and green investment.

Egypt's strong partnership with Japan has yielded several successful collaborative ventures, with numerous models of cooperation serving as shining examples. The issuance of approximately $500 million in debt on Japan's domestic bond market in 2023 further solidified the economic ties between the two nations.