In a step intended to bridge the financing gap and strengthen fiscal sustainability and public financial management in Egypt, the U.S. Government through USAID is committed to supporting Egypt’s economic reforms through the $22.7 million Macro-Economic Stabilization and Reform (MESR) project, according to the U.S embassy in Cairo.
In her address at Egypt’s Alternative Finance Opportunities Conference, U.S. Embassy Cairo Chargé d’Affaires Nicole Shampaine said, “As we look toward Egypt’s hosting of COP27 in November, and beyond, we know that alternative financing mechanisms will play a crucial role in funding climate solutions. This is especially important for Egypt, as one of the countries most affected by climate change.”
“Through this week’s important international conference, key Egyptian officials will meet with international investors and financiers, and through resulting connections, opportunities will emerge to broaden Egypt’s financial ecosystem,” Shampaine noted.
The conference is organized by the USAID-funded MESR project in partnership with the Ministry of Finance and the Ministry of Planning and Economic Development to bring together different stakeholders including Egypt’s government, financial institutions, international organizations, the private sector, investors, and civil society to help bridge the financing gap and achieve fiscal sustainability and sound public financial management in Egypt.
It’s worth mentioning that $30 billion had been invested by the U.S in helping to reform the North African country’s economic system over the years.