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LONDON DAILY ARCHIVE

Ministry of finance partners with international banks to secure $500m

Egypt's Ministry of Finance has collaborated with Deutsche Bank, Bank ABC, and the Arab Investment and Export Credit Guarantee Corporation (Daman) to secure $500 million for health and educational projects.

13 November 2023 · 11:28 UTC

This marks a new approach in Egypt's financial strategy, focusing on diverse and sustainable financing methods. The partnership is notable as it's the first time development financing in Egypt is backed by a multilateral financial institution’s guarantee.

The Ministry appreciates the support from these international and regional banks and Daman, which aids in diversifying financing sources.

This initiative aligns with Egypt's recent healthcare developments, including completing significant healthcare projects and planning the construction of new hospitals in the upcoming years.