Cairo: Egypt secured a record $4.2 billion in concessional development financing for the private sector in 2024, marking the highest level in five years, as reported by the Ministry of Planning, Economic Development, and International Cooperation on Wednesday. The total volume of concessional financing for the year amounted to $9.6 billion, with $3.2 billion allocated to the public sector. Of this, $1.8 billion was directed towards direct budget support, while development grants accounted for $300 million, according to the ministry’s annual report.
According to State Information Service Egypt, the report underscores a significant shift in financing dynamics, with private sector funding surpassing public sector financing for the first time. This change reflects Egypt’s strategic focus on supporting local enterprises and promoting economic diversification. Minister of Planning Rania Al-Mashat highlighted the importance of mobilizing sustainable finance to drive growth led by the private sector, aligning with the country’s new integrated framework for sustainable development financing as part of Egypt Vision 2030.
The 2024 annual report, titled “Macroeconomic Stability, Structural Reforms, and Economic Diplomacy to Advance Sustainable Development,” outlines Egypt’s advancements in structural reforms, green economy initiatives, and strengthened partnerships with international development institutions. Key international donors and partners contributing to Egypt’s financing portfolio include the World Bank, African Development Bank, European Union, United Nations Development Programme (UNDP), and bilateral agencies from Germany, Japan, and Italy.
Furthermore, the report details Egypt’s ongoing efforts to modernize economic planning, enhance the role of the private sector, and improve transparency. It also highlights Egypt’s active participation in global forums such as BRICS+, the G20, and the World Economic Forum in Davos. To support these initiatives, the ministry has introduced a new methodology for preparing the FY2025/26 economic plan, which is anchored in sustainable development goals and structural reform priorities.