Egypt in talks with global lenders to protect budget from energy price shock

Egypt is working around the clock with international partners and financial institutions to secure concessional financing to help cushion the economic impact of soaring energy prices, Foreign Minister Badr Abdel-Atty said Tuesday.

Speaking at a press briefing with Prime Minister Moustafa Madbouly, Abdel-Atty said the government is in talks with the United States, European Union, World Bank, Islamic Development Bank (IsDB), African Development Bank (AfDB), Asian Development Bank (ADB), and European Bank for Reconstruction and Development (EBRD). The discussions aim to accelerate existing agreements and mobilise concessional funding to support Egypt’s budget and maintain economic activity.

“We are in continuous communication and expect specific results in the coming weeks regarding additional concessional financing to help the Egyptian government manage the crisis,” Abdel-Atty said, highlighting the need to address rising energy and food costs.

The move comes as Egypt faces global energy market volatility linked to escalating Middle East tensions, which have pushed oil prices to multi-year highs, placing added strain on government finances and household budgets.

Attribution: Amwal Al Ghad English