Egypt has just completed a $20 billion financing deal, of which $8 billion will come from the International Monetary Fund (IMF) and $12 billion from the European Union and The World Bank.
Prime Minister Madbouly emphasized the aim to increase foreign exchange resources, attract foreign direct investment, and manage spending effectively.
The government plans to involve the private sector more significantly in the economy and cap total public investment at around one trillion Egyptian pounds (one billion and 272 million dollars).
This agreement follows the Central Bank of Egypt’s decision to raise interest rates and allow the pound’s exchange rate to float.