Arab Finance: President Abdel Fattah El-Sisi approved a $300 million loan agreement between the Egyptian government and the Asian Infrastructure Investment Bank (AIIB), according to a decree published in the Official Gazette.
The loan is part of the “Generating Resilience, Opportunities, and Welfare” program, which aims to support Egypt’s efforts to achieve sustainable development, build macroeconomic resilience to external shocks, improve the business climate, and expand social safety nets for citizens.
The lender is a major financing partner supporting the National Structural Reforms Program (NSRP), as it previously provided $200 million in credit guarantees supporting Egypt's issuance of sustainable Panda Bonds.
Established in 2016, the Beijing-based AIIB is a multilateral development bank with $100 billion in authorized capital that finances sustainable infrastructure projects.
