Minister of International Cooperation Sahar Nasr said negotiations with the Abu Dhabi Fund for Development (ADFD) and the Islamic Development Bank (IDB) are still ongoing to determine the size of their contributions in the development projects in Egypt over the upcoming years.
The minister said the projects presented to all funds have completed feasibility studies to accelerate the negotiations and obtain the required funding. She added that she will negotiate with the Khalifa Fund for Enterprise Development to finance a number of projects in the upcoming period, especially in Sinai.
She noted that the Emirati side expressed its readiness to participate in funding a number of development projects and increase the volume of cooperation with Egypt in the upcoming period.
According to Nasr, IDB has agreed in principle to finance several development projects.
She pointed out that Egypt will work to maximise the use of grants and loans that have been obtained to improve the people’s living standards, provide more jobs, improve infrastructure services, and achieve social justice.
The minister said the government will work to achieve a return by employing those loans to contribute to the repayment of premiums and interest without adding more pressure to the state’s budget.