Egypt Taps $Bns More In Funds To Support ‘Vital Role’ In ‘Troubled Neighborhood’

22 Mar 2024 Issue: 67 / 12 By: Nada Ahmed

European and international partners have pledged $bns more to Egypt on the back of this month’s IMF deal. EU pledges are in part aimed to stem migration to Europe via North Africa but could also provide a shot in the arm to Egypt’s renewables plans.

Cairo this week received billions more in international funding pledges, with the European Union and the World Bank pledging €7.4bn ($8bn) and $6bn respectively. This brings total international funds announced this month to a whopping $57bn, though not all of this is new cash (see table). The two key elements were the early-March $8bn IMF rescue package (MEES, 8 March), which was crucial to unlocking the subsequent EU and World Bank pledges, and a $35bn mega-investment from Abu Dhabi’s state holding company ADQ (MEES, 1 March).

The latest funding pledges, which followed Egypt’s commitment to long-demanded economic reforms including a currency float, are meant to cover various development and economic priorities to stabilize Egypt’s shaky economy over the next few years. (CONTINUED - 1088 WORDS)