{"id":616768,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/were-in-for-up-to-usd-9-bn-in-funding-from-the-world-bank-eu\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"were-in-for-up-to-usd-9-bn-in-funding-from-the-world-bank-eu","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/were-in-for-up-to-usd-9-bn-in-funding-from-the-world-bank-eu\/","title":{"rendered":"We\u2019re in for up to USD 9 bn in funding from the World Bank, EU"},"content":{"rendered":"

World Bank, EU to funnel <\/strong>USD 8-9 bn into<\/strong> Egypt: <\/strong>The World Bank is expected to extend around USD 3 bn in financing to Egypt, Finance Minister Mohamed Maait said yesterday at a presser<\/a> attended by Enterprise. The country will also receive some USD 5-6 bn in financing from the European Union, Maait separately told Asharq Business<\/a>.<\/p>\n

ICYMI- <\/strong>The announcements give further nuance to Maait\u2019s statement last week<\/a> that our agreement<\/a> with the International Monetary Fund could help secure a total of USD 20 bn in foreign support. This figure includes around USD 11 bn from international partners \u2014 including the World Bank, European Union, Japan, and the UK \u2014 alongside the USD 8 bn IMF package we agreed on with the Fund last week and a still-in-talks USD 1-1.2 bn in climate finance under the Fund\u2019s Resilience and Sustainability Facility.<\/p>\n

More <\/strong>backers named: <\/strong>The African Development Bank, the Arab Monetary Fund, and \u201cthe European Bank\u201d \u2014 which we assume is either the European Bank of Reconstruction and Development or the European Investment Bank \u2014 are also set to extend financial support, Maait said.<\/p>\n

The latest on our IMF package: <\/strong>Our expanded USD 8 bn IMF package comes under a three-year program, Maait said. The first tranche will be disbursed after the IMF executive board signs off on the program, he added \u2014 the board will meet to consider the pact before the end of March.<\/p>\n

Maait<\/strong> did not specify how much of the European Union funding is new or break it down into components or specific projects.<\/strong> He told Asharq Business that part of the EU funding will flow through the private sector and part will be in funding for the state budget. <\/p>\n

The fine print: <\/strong>Between private-sector investments and government-to-government programs, the European Union already has a deep pipeline of activities here. We don\u2019t expect the EU to provide us with significant direct budget support. Instead, it will push ahead with a deep investment program, including projects already announced. <\/p>\n

BACKGROUND- <\/strong>Egypt has attracted significant investment from European development finance institutions as well as other investors and corporates. The EBRD, European Investment Bank, Proparco, DEG, and BIO have kept private equity and venture capital firms in business for years now, and a number of them are not shy about taking direct positions here. <\/p>\n

OTHER KEY TAKEAWAYS FROM MAAIT\u2019S SPEECH- <\/strong><\/p>\n

#1- Gov\u2019t fiscal targets for the next fiscal year have gotten more ambitious: <\/strong>The government is now targeting a primary surplus of no less than 3.5% for the fiscal year 2024-2025, 1 percentage point higher than the figure it had penciled in back in January<\/a>. It also sees the debt-to-GDP ratio narrowing to below 90%, a 1.9 percentage-point downward revision from the January forecast. <\/p>\n

#2- At least half of the Ras El Hekma proceeds are going to FinMin:<\/strong> No less than 50% of the proceeds from the USD 35 bn Ras El Hekma transaction will enter the state\u2019s general treasury as EGP revenues, enabling the Finance Ministry to finance its expenditures and helping it minimize public debt. The USD will remain with the central bank to bolster FX reserves. <\/p>\n

#3- Giving foreign debt markets a break:<\/strong> The FinMin doesn\u2019t intend to tap foreign debt markets or issue any international bonds before the end of the current fiscal year in June, Maait said. Pundits have suggested that the combination of the float, Ras El Hekma, and the IMF program have made it possible for Egypt to once again access the eurobond market. <\/p>\n

#4- Some subsidies are set to stay put:<\/strong>The government\u2019s allocation to fuel subsidies will remain unchanged until the end of the fiscal year even if fuel prices change. The state also continues to offer bread at a fixed price despite production costs that have risen up to EGP 1.1-1.2 per loaf, Maait said.<\/p>\n

#5- Others could go out the window:<\/strong> The Finance Ministry is in talks with the Federation of Egyptian Chambers of Commerce to scrap the 11% subsidized loans for industry and agriculture<\/a> introduced last year in light of the interest rate hikes introduced last week, Maait told Asharq Business<\/a>, adding that the government will continue to support the two sectors in other ways.<\/p>\n

#6- Customs to dip?<\/strong> The government will not raise customs and is instead \u201cconsidering reducing them in the coming period as it aims to achieve stability to alleviate the burdens on domestic production,\u201d Maait said. Customs are calculated and paid in EGP based on the cost of the import \u2014 all of which got more expensive at the end of last week when we floated.<\/p>\n

#7- <\/strong>A cap on public investment<\/strong>: <\/strong>The Finance Ministry will allocate no more than EGP 280 bn to public investment in next fiscal year\u2019s budget. The cap on public investments for all state entities, meanwhile, has been set at EGP 1 tn to help create \u201cspace for the private sector and increasing its investments in the economy,\u201d Maait said. The IMF, in announcing its assistance package, placed big emphasis on the Sisi administration\u2019s pledge to slow down infrastructure spending<\/a>.<\/p>\n

Exceptions apply: <\/strong>The budgets allocated to all state entities for the next fiscal year will remain the same as this year\u2019s, with the health, education, and industrial sectors being the exception, Maait said.<\/p>\n

Maait\u2019s presser caught the attention of the int\u2019l press: <\/strong>Reuters<\/a> | Bloomberg<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is expecting to secure a total of USD 20 bn in foreign support<\/p>\n","protected":false},"author":1,"featured_media":616769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,7192,276,277,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-eu","tag-finance-ministry","tag-mohamed-maait","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"4286f10b-5618-426b-87de-d53d22d9591a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/825.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is in for up to USD 9 bn in funding from the World Bank, EU","related_issue":[616761],"teaser":"Egypt is expecting to secure a total of USD 20 bn in foreign support","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.849145c6-e694-43cd-af37-21c080db8646.mp3"},"yoast_head":"\nWe\u2019re in for up to USD 9 bn in funding from the World Bank, EU - 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