Egypt secures $500mln in funding for health, education projects

Egypt secured $500 million in financing from three international banks for development of health and education projects, finance ministry said on Sunday.

These banks are Deutsche Bank, Bahrain-based bank ABC, and Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman).

This move will help diversify sources of financing.

Egypt’s Finance Minister Mohamed Maait said this is the first time for Egypt receives development financing arranged with the guarantee of one of the multilateral financial institutions.