Egypt needs $4B in foreign financing until end-FY2023/24: Maait

Updated 11/5/2023 7:20:00 AM
Egypt needs $4B in foreign financing until end-FY2023/24: Maait

Arab Finance: The Egyptian government’s foreign financing needs have been estimated at $4 billion until the end of fiscal year (FY) 2023/2024, Minister of Finance Mohamed Maait stated.

Maait pointed out that the country could secure $5 billion in concessional financing annually from multi-lateral development banks.

Egypt has paid off $52 billion in foreign liabilities over the last two years, the minister added, expecting the foreign direct investments (FDIs) to reach $12 billion this fiscal year.

Moreover, he anticipates the Suez Canal revenues to increase in FY 2023/2024 to $12 billion.

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