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Egypt secured $10.2 billion soft development loans in 2021

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 borrowed $10.3 bn from bilateral and multilateral lenders in 2021; the Ministry International Cooperation said in an annual report published on Sunday.

According to the report, most of the funding or $8.7 billion went to the public sector, while the remaining $1.6 billion went to private sector initiatives.

Minister of International Cooperation Rania Al-Mashat said efforts made within the framework of international partnerships to achieve sustainable development during the past year were geared toward implementing the framework of international cooperation and development financing plan launched by the ministry in 2020.

According to the Egyptian minister, the international cooperation and development financing framework includes concessional financing agreements for various state and private sectors during 2020 and 2021, resulting in securing about $20 billion, including $9.8 billion in 2020 and $10.2 billion in 2021.

Egypt is suffering from a crippling financial crisis in light of the repercussions of the coronavirus pandemic, which caused a decline in sources of foreign exchange income, most notably exports and tourism.

READ: Egypt to raise $3bn through bonds and sovereign financing 

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