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Egypt’s Minister of International Cooperation Rania Al Mashat, held a meeting with the New Development Bank’s Vice President Vladimir Kazbekov and his accompanying delegation to strengthen their collaboration in various priority areas
Egypt’s Minister of International Cooperation Rania Al Mashat, held a meeting with the New Development Bank’s Vice President Vladimir Kazbekov and his accompanying delegation to strengthen their collaboration in various priority areas.
The meeting primarily focused on advancing Egypt’s green transition strategy, supporting efforts to increase investment in human capital, and implementing green development projects, among other things.
During the meeting, Al Mashat shared the Ministry’s 2023 annual report for 2023 with Vice President Kazbekov. The report provided a comprehensive overview of projects executed over the past four years, amounting to a total of USD 38.8 billion.
Of this amount, USD 28.5 billion was allocated to various sectors within the state, while US$10.3 billion was directed toward the private sector. As Egypt officially joins the BRICS bloc in January 2024, alongside countries like Saudi Arabia, the UAE, and others, a new chapter marked by economic promise begins. This membership is expected to open up new avenues for global influence and investment opportunities for Egypt.
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Egypt’s external debt decreased during the first quarter of the current fiscal year 2023-2024 by approximately USD 206 million. The reduction is attributed to the decline in government and commercial bank debts. However, an increase in the central bank’s debt has mitigated this decline.
