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International cooperation raised $7.3bn in 2020

Economic reform, foreign currency surplus and $7.3 billion international funds helped Egypt deal with economic impact of COVID-19.
© American University in Cairo

Minister of International Cooperation Rania Al-Mashat stated that her ministry managed to get $7.3 billion in funds from the international funding institutions in 2020.

These funds were directed towards a variety of sectors, among which also was the private sector.

Al-Mashat said Egypt’s economic reform program that launched in 2016 helped and is continuing to help Egypt now against the economic effects of the COVID-19 pandemic. Egypt went into 2020 supported by its foreign currency reserve surplus and this helped the shock created by the virus on the global economy hit lighter in the case of Egypt.

The minister made her remarks in a videoconference organized by the IMF and the Rabat based Policy Center for the New South.