Egypt to Receive Billions in Funding; Debt Reduction a Priority

Egypt expects to receive around $20 billion from the second tranche of the Ras El Hekma project by May 2024. By June 2024, additional funding is anticipated, including $1 billion from the World Bank, $1.1 billion from the European Union, and $820 million from the International Monetary Fund. Japan is also set to contribute $230 million, though the timing of disbursement remains unspecified.

Egypt expects to receive between $25 and $30 billion in payments by April's end, with half of the proceeds earmarked for debt reduction, particularly from the Ras El Hekma project. Additionally, Egypt aims to raise $2.4 billion from its initial public offering program by the end of fiscal year (FY) 2023/2024 and targets $3.6 billion in FY 2024/2025.