Egypt secures $500mln in new development funding for health, education projects

Finance Minister Mohamed Maait said that this is the first time for the Egyptian government to receive development financing

Staff Writer, Arab Finance

November 13, 2023

PHOTO

Arab Finance: Ministry of Finance has secured $500 million in financing from Deutsche Bank, Bahrain-based bank ABC, and Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman), according to a statement issued by the ministry on November 12th.

The financing will be used to develop new health and education projects.

This move will contribute to diversifying the sources of financing.

Finance Minister Mohamed Maait said that this is the first time for the Egyptian government to receive development financing arranged with the guarantee of one of the multilateral financial institutions.

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