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Egypt to receive $400m budget support from UK - Minister

Egypt to receive $400m budget support from UK - Minister
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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.