Cairo – Mubasher: Egypt is set to receive budget support of $400 million from the UK over two years, Minister of International Cooperation Rania El-Mashat said in an interview, according to Bloomberg.
The North African country is expecting to receive the first tranche of the UK’s aid, amounting to $200 million, by July 2024, El-Mashat said.
The minister noted that Egypt may also receive by July the first tranche of $500 million of a $6 billion budget financing pledged by the World Bank.
Furthermore, El-Mashat revealed that there are talks between Egypt and the Asian Infrastructure Investment Bank (AIIB) for a budget support package.
As per a report by Goldman Sachs, Egypt's medium-term financing is projected to hit $26.50 billion over the next four years, versus a deficit of $13 billion.
