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We’re in line for USD 129 mn from the US: Egypt will receive USD 129 mn from the US government as part of its “commitment to advancing joint US-Egypt priorities,” according to a readout from the US embassy in Cairo of Wednesday’s strategic dialogues between the two sides.
Where will the funds go? The funds, to be facilitated through USAID, aims to support “reforms toward an economy driven by the private sector, advance public education, improve public health services, and strengthen responsive government institutions and transparency.”
Education at the forefront: While the readout doesn’t break down how the funds will be distributed, it places a particular emphasis on education. The dialogue highlighted initiatives to upgrade 80 local technical education schools and equip nine STEM schools with equipment for their fabrication and science laboratories. The American side will also expand its US-funded career centers to another 19 Egyptian universities.
ICYMI: Egypt inked USAID grants totalling USD 130 mn back in June, which included a USD 35 mn grant for the US-Egypt Higher Education Initiative.
That’s not all: USAID, alongside the Planning and International Cooperation Ministry, will “continue to advance joint US-Egypt priorities such as university scholarships, teacher training to improve the quality of basic education, expanding STEM education, and conducting joint research in water, clean energy, and climate change.”
And more to come: Three US universities — Illinois Institute of Technology, University ofMinnesota, and Drake University — will look into setting up shop at home through agreements inked with local partners.
Remember: The government and private sector have been increasingly partnering up with foreign universities in recent years in a bid to improve the quality of the country’s higher education sector, meet international standards, and turn the country into a hub for international education.
Aside from education, some of the funds will be channeled towards promotion of trade and boosting partnerships to ensure the tourism industry remains a sustainable driver of Egyptian growth. The two sides will also continue to work on heritage preservation of key sites to support local development.
A focus on family development: USAID will also continue its efforts to improve family health outcomes and investing in joint efforts with the government to tackle violence against women and girls.
ALSO- EBRD mulls EUR 25 mn guarantee for QNB to boost MSME lending: The European Bank for Reconstruction and Development (EBRD) is looking into providing an unfunded guarantee of up to EUR 25 mn to Qatar National Bank Egypt, it said earlier last week. The guarantee would cover up to 50% of the credit risk on new micro, small, and medium-sized enterprise loans originated by QNB Egypt.
A first for the EBRD: This would be the EBRD’s first project for portfolio risk sharing in Egypt — an initiative that aims to boost MSME financing by improving banks’ risk-taking capacity.
