Egypt seeking concessional loans to fund healthcare, education & food security programs

During a meeting with senior executives from Citibank on the sidelines of the African Development Bank's (AfDB) annual board meetings in Sharm El-Sheikh, Maait explained that Egypt is coping with the consequences of the global crises by boosting production and supporting activities with the most exposure to internal and external shocks.

The finance minister noted that Egypt is also expanding its social safety net with programs that are more focused on the most vulnerable groups.

In April, Egypt increased earmarks for various subsidies and social protection programs from EGP 358.4 billion in FY2022/2023 to EGP 529.7 billion in FY2023/2024, an increase of 48.8 percent.