CAIRO - 19 January 2025: Egyptian Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, attended the signing ceremony of a $230 million concessional financing agreement provided by Japan.
This funding aims to support Egypt’s general budget, boost private sector participation, and diversify the economy.
The agreement was signed by Yasser Sobhy, Deputy Minister of Finance for Financial Policies, and Kato Ken, Chief Representative of the Japan International Cooperation Agency (JICA) in Egypt, with the presence of senior officials from both nations.
This partnership follows Minister Al-Mashat's December visit to Japan, which marked 70 years of development cooperation between the two countries.
During her visit, the letters of exchange for this financing were signed, aligning with efforts to bolster international partnerships, enhance budgetary support, and implement Egypt’s structural reform program.
Minister Al-Mashat highlighted that this financing will promote macroeconomic stability and diversify the country’s production base, focusing on vital sectors like industry, agriculture, and telecommunications.
It will also advance green economy initiatives, improve the business climate, and enhance competitiveness.
She also noted that Egypt carried out 86 structural reform measures last year to strengthen economic resilience and mitigate future shocks.
Additionally, the Minister emphasized the growing Egyptian-Japanese collaboration in fields such as human development and infrastructure.
During her recent visit, three memorandums of understanding were signed to foster cultural cooperation, private sector growth, and agricultural mechanization.
Since 1954, Egypt and Japan have cultivated a robust development partnership, with a portfolio that includes approximately $7.2 billion in concessional financing and $2.4 billion in grants, supporting various developmental projects across multiple sectors.
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