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Egypt works to bridge expected $30bn financing gap: Nasr - Daily News Egypt

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Egypt works to bridge expected $30bn financing gap: Nasr

The Ministry of International Cooperation is negotiating with the World Bank to finance industrial zones in Upper Egypt

The Minister of International Cooperation Sahar Nasr said the ministry is working to bridge the $30bn financing gap expected to be accumulated in the next three years by continuing communication with foreign countries to sign agreements for support.

Bridging the financing gap will indirectly contribute to alleviating the budget deficit, Nasr said in a press conference held Tuesday.

She added the ministry is committed to communicating with all parties and various ministries to prepare a full strategy for all requirements and assistance needed by Egypt in the coming years.

Nasr said Egypt recently received aid from the World Bank worth $500m to implement drainage projects, and another $500m for low-income housing projects.

Nasr added that Egypt is still negotiating with the World Bank to finance the establishment of industrial zones in Upper Egypt with funding worth $500m.

According to Nasr, the Ministry of Investment asked for a grant from the African Development Bank (AfDB) to contribute to improving the investment climate, and the Ministry of International Cooperation is currently negotiating with the bank.

The minister noted that Egypt signed a soft loan agreement with Japan worth $400m to develop the Grand Egyptian Museum.

“During the French president’s visit to Egypt in April, Egypt will aim to present a number of development projects in the sectors of education and health,” Nasr added. “The ministry has recently launched a unit to follow up on all projects and agreements that are signed with other countries.”

The minister called on the private sector to participate in a survey on the general economic climate in Egypt, to give a chance to the government to improve the investment climate, in addition to encouraging young people to start up small- and medium-sized enterprises (SME).

Topics: Sahar Nasr

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