Complex Made Simple

Egypt received $12 billion in loans and grants from Arab, regional funds

Country seeks closer cooperation for investment projects in Sinai Peninsula

Egypt has received a total of $12 billion from five Arab and regional development funds since the inception of these funds until September, according to a new report.

Of this amount, $963 million has been extended to the North African nation by the Abu Dhabi Development Fund since 1971, says the report by the Egyptian ministry of planning and international cooperation.

The report indicated that the Abu Dhabi Development Fund provided Egypt with $606.5m in the form of grants and $356.5m in the form of loans.

Other lenders and donors, including the Saudi and Kuwaiti development funds, the Arab Fund for Economic and Social Development and the Islamic Development Bank, have pledged to extend another $1.5 billion in economic assistance to Egypt.

Sahar Nasr, Egyptian minister of planning and international cooperation, said in an interview with Al Ittihad, that her country seeks to strike closer cooperation with Arab funds to finance investment projects in the Sinai Peninsula.

Since its establishment in 1975, the Saudi Fund for Development has provided Egypt with 18 loans worth $752m, in addition to a newly signed $100m loan agreement to expand a Cairo power station, according to the ministry’s report.

($1 = AED3.67, at the time of publishing)