Egypt is close to securing $300 million in budget support from the Beijing-based, China-led Asian Infrastructure Investment Bank (AIIB), with final paperwork expected by June, Planning Minister Rania Al-Mashat told Bloomberg, in a report that was cited by Egyptian state media The loan would bolster Egypt’s stabilisation efforts following last year’s $57 billion international bailout.
Alongside the AIIB funding, Cairo is accelerating debt-for-investment initiatives. The United Arab Emirates recently converted $11 billion in deposits into real estate holdings, part of a $35 billion package. Kuwait is in advanced talks to follow with $4 billion, while negotiations with Germany and China are underway to swap debt for investments in energy and development projects.
Egypt’s economy posted its fastest quarterly growth in over two years at the end of 2024. Al-Mashat also cited strong investor interest in the government’s plan to privatise operations at 11 airports, a process supported by the World Bank’s International Finance Corporation.
Algerian authorities have seized 1.65 million ecstasy pills, worth nearly $30 million, in what they described as Africa’s
Morocco and Spain have pledged to strengthen military and security ties following the 11th meeting of their Joint Military Commission
Egyptian state-linked media is reporting that Egypt's intelligence chief Hassan Rashad was due to meet with Israeli negotiators
According to recent data from the Mixed Migration Center the number of migrants departing from Libya to Europe has decreased
Sign up for the weekly newsletter and get our latest stories delivered straight to your inbox.
