Egypt succeeds in raising $7.3 bln in 2020 despite coronavirus, minister

Egypt has succeeded in raising 7.3 billion dollars of funds from international finance institutions, despite the outbreak of the coronavirus pandemic, according to Minister of International Cooperation Rania Al-Mashat.

Speaking in a round table videoconference, organised by the IMF and the Policy Center for the New South, Al-Mashat said these finances were pumped in several sectors and fields, pointing out that the private sector had a good share of them.

The minister cited IMF’s Regional Economic Outlook report, which hailed the Egyptian reforms, implemented in 2016-2019, as a national project, which preceded the spread of the coronavirus pandemic, and alleviated the economic shocks emerged from such crisis.

Egypt started 2020 with good foreign currency reserves, and a surplus, which in turn cushioned the direct economic impacts, resulted from the global outbreak of the pandemic, Al-Mashat added.