Egypt to receive $400M from UK in budget support
Updated 4/22/2024 11:02:00 AM
Arab Finance: Egypt is expected to get $400 million from the UK over two years to help with its budget, Bloomberg reported, citing the Egyptian Minister of International Cooperation Rania Al-Mashat.
This amount marks the latest international financial aid for the North African country to back its economy.
It will be funded concurrently with the budget financing from the World Bank, which is a part of the previously disclosed $6 billion three-year package, the minister said.
Egypt hopes to get the first tranches of $200 million from the UK and $500 million from the World Bank by July, with the same amounts to be received in the coming fiscal year (FY), she pointed out.
The minister stated that Egypt can receive this financing as soon as the parliament approves it.
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