Egypt borrowed $10.3 billion from bilateral and multilateral banks in 2021; The Ministry of International Cooperation said in an annual report published on Sunday.
According to the report, most of the funding, i.e. $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 that the efforts made within the framework of international partnerships to achieve sustainable development during the past year are heading towards implementing the framework of international cooperation and the development financing plan launched by the ministry in 2020.
According to the Egyptian minister, the framework of international cooperation and development financing includes concessional financing agreements for various government and private sectors during 2020 and 2021, which led to securing about $20 billion, including $9.8 billion in 2020 and $10.2 billion in 2021.
Egypt is suffering from a stifling financial crisis in light of the repercussions of the Corona virus pandemic, which has caused a decline in sources of income from foreign exchange, most notably exports and tourism.
Read: Egypt will raise $3 billion through bonds and sovereign financing