Development Financing
She elaborated that the bank provided development financing of €15 million to the Bank of Alexandria, and €500 million to Banque Misr and the National Bank of Egypt.
The development financing approved by the AfDB to support the budget comes within the framework of the government's efforts to enhance efforts to combat the challenges facing development in the current period, as a result of global developments and their related impact on food security.
Al-Mashat added that international institutions witnessed the boom that was achieved at the level of all development axes in Egypt during the past seven years.
There are ongoing discussions on adding the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to the ITFC’s beneficiaries in the upcoming period, as well as means of diversifying areas of cooperation, including climate financing.
Al-Mashat noted that these projects will be implemented in cooperation between Egypt’s relevant ministries and the KfW Development Bank, along with the German Agency for International Cooperation (GIZ).
