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Egypt is set to receive $400 million in budget support from the United Kingdom, following a significant influx of $57 billion in finances from various allies and development partners.
The amount will be provided alongside a previously announced $6 billion budgetary financing from the World Bank. Egypt aims to receive the initial instalments of $200 million from the UK and $500 million from the World Bank by July 2024, with the same amounts expected in 2025.
The new $400 million commitment to Egypt indicates continued foreign engagement with the country, even after securing over $57 billion in funding from global institutions and regional allies.
Out of the $57 billion, $35 billion is being contributed by the UAE, with a focus on transforming a coastal area of Egypt into a global tourism destination.
The Egyptian government is also expecting a $7.8 billion pledge from the EU, with $5 billion for budget support.
