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Asia bank loans Egypt $360m for covid recovery

Rania Al-Mashat, Egypt's minister of international cooperation, in Singapore, on Nov. 18, 2021. [Wei Leng Tay/Bloomberg via Getty Images]
Rania Al-Mashat, Egypt's minister of international cooperation, in Singapore, on Nov. 18, 2021. [Wei Leng Tay/Bloomberg via Getty Images]

Egypt will receive a new loan of $360 million from the Asian Infrastructure Investment Bank (AIIB), the Egyptian international cooperation minister announced yesterday.

Rania Al-Mashat said in a statement that the funding was aimed at "supporting the state's efforts as it recovers from the coronavirus repercussions, as well as strengthening the government's economic and structural reform programme."

The announcement comes weeks after Egypt said it had received another $360 million loan from the World Bank to support its economy.

The two loans were granted as part of a so-called Development Policy Financing Framework, which was launched in cooperation between the two banks.

Egypt's cooperation portfolio with the AIIB after this loan exceeds $1 billion in development and investment funds for the public and private sectors.

The North African country's foreign debt rose to $137.85 billion in June, according to the country's central bank.

READ: The Middle East looks likely to be a focal point for the post-pandemic 'Great Reset'

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