Ongoing Japanese grant portfolio to Egypt reaches $ 54.5M

CAIRO – 15 February 2021: Ongoing Japanese grant portfolio to Egypt rose to $ 54.5 million, according to Minister of International Cooperation, Rania Al-Mashat.

Al-Mashat clarified that these grants are directed to sectors of health and education.

Al-Mashat confirmed the Egyptian government's appreciation for the development funds provided by the Japanese government to support efforts to combat the Coronavirus, as it provided a grant of one billion yen, equivalent to $ 9.3 million, to be used in providing medical devices and supplies for febrile and chest diseases affiliated to the Ministry of Health. 

This came after Egypt signed Monday a budget support loan agreement totaling JPY 25 billion (equivalent to €200 Million) with Japan International Cooperation Agency (JICA).

Al-Mashat stated that the agreement signed on Monday, Feb. 15, comes as an extension of two agreements that were signed earlier for the same purpose to support policies to develop the energy sector and stimulate green growth, as it was signed with the French Development Agency and the African Development Bank, 

She stressed the Ministry of International Cooperation's keenness to advance international partnerships, to achieve sustainable development through the three principles of economic diplomacy, which are the platform for joint coordination cooperation, matching development finance with the sustainable development goals, and listing international participations.

Minister of Finance Mohamed Maait,  confirmed that the financing agreement for the state budget support program submitted by the Japanese International Cooperation Agency (JICA) with a value of $ 230 million is consistent with the efforts made to secure urgent development funds to mitigate the economic and social impacts of the Corona pandemic, and to contribute effectively to supporting sectors and the most affected groups, in a way that helps in continuing the wheel of production, boosting economic activity, and strengthening the structure of the national economy.

In his speech delivered on his behalf by Ahmed Kojak, Deputy Minister for Financial Policy, the minister explained that the agreement aims to develop the policies of the electricity sector reform program; In order to ensure the enhancement of the financial sustainability, management and operational efficiency of the energy sector, within the framework of efforts to stabilize financing flows to support the state's general budget programs, complete structural reforms, and maximize the volume of investments in national development projects, in light of the repercussions of the Corona pandemic to preserve the economic gains.

Maait added that we are keen on continuing cooperation with the Japanese International Cooperation Agency. As a development partner; In a way that contributes to supporting the government's efforts to achieve comprehensive and sustainable development by benefiting from Japanese expertise in various fields such as health, electricity, improving energy efficiency, producing clean energy, raising the efficiency of the human element, and upgrading the tax system, especially in the field of international taxes.

For his part,  Ahmed Muhaina, First Undersecretary of the Ministry of Electricity, said that the agreement signed by the Japanese side works to support the electricity sector to continue development and development policies and the transition towards clean energy, and to enhance the efforts that have been made over the past years with the support of the political leadership to shift towards sustainable energy. 

“Electricity Ministry seeks to move forward towards increasing the production of clean and sustainable energy, praising the coordination and integration between the Ministries of Electricity, International Cooperation and Finance to provide development funds from development partners to Egypt to support the national development agenda,” he added.