Report on Fayza Aboul Naga

Egypt's minister of planning and international cooperation, Fayza Aboul Naga, has offered a detailed report presenting total funds achieved by the ministry through developmental cooperation agreements with Egypt's partners in the period between January 2011 till 25 July 2012. One of Egypt's most popular officials, Naga held her position for 10 years. The report detailed 36 agreements that included non-refundable grants, facilitated loans, credit lines, financial protocols, and technical aids with development partners through bilateral relations or international, regional, and Arab funding institutions. According to the international cooperation ministry report, the agreements in all allowed for $5.8 billon to be pumped into the economy between January 2011 till July 25 2012 despite the global financial crisis resulting in a sharp contraction in the size of international development aid. Financial benefits from the grants amounted to $324.378 million, while the total amount of facilitated loans was $5.5 billion. Annual limits ranging between $3.5-4 billion were agreed on for the decided period, which exceeded 1.5 years, permitting them to hit $6 billion. All signed loan agreements were according to the agreed standards starting with external loans based on  benefactors who would pay back the money without any financial burden on the state like electricity, airports, and the underground metro. The report stated: "The agreements signed since the transitional government headed by former Prime Minister Kamal Ganzouri (from December 7 2011 up until July 25 2012) amounted to $4.5 billion, despite the spiraling global financial crisis, the EU meltdown, consequent decreasing international aid, instability, and Egypt's own faltering economy since January 2011. The salvation government has succeeded in the last eight months in improving Egypt's credit rating, while boosting trust from international funding institutions to allow easier access to development funds. The financing institutions offer foreign investments needed for projects of social, economic and developmental priorities starting with the oil sector with $1.4 billion, forming about 23.43 percent of the total finances by the Islamic international financial institution and Saudi development fund. There are also investments in importing benzene, solar, and cookers related to saving fuel in electricity stations across the country. The energy sector ranked second taking about $1.2 billion, or 21.22 percent of total financing from the African Development Bank, European Investment Bank, Kuwaiti Fund for Economic Development, the Arab Fund for Social and Economic Development in order to have a stake in the Banha electricity projects, South Helwan electricity and North Giza. The supply sector is ranked third with $1.1 billion or 19.1 percent of total financing dedicated to trade, importing food products, building bakeries, and building about 23 warehouses for storing wheat and seeds which will reduce losses up to 35 percent. The transportation sector came fourth, amounting to $722 billion, or about 12.53 percent of total financing from international banks for construction and Japan, participating in the restructuring of Egyptian railways, and the first stage of a fourth line for the underground metro. Aboul Naga added: "The foreign element in financing will allow Egypt partners to develop only the projects planned in the list prioritising the Egyptian citizens while rotating production and development. The ministry of international cooperation is specialised in offering foreign supplies in order to continue social and economic development allocated by the state financing in the annual balance implementing the development credited plan from the state and legislators." Arab, regional and international countries form 88 percent of total investments in Egypt's development, followed by Asian countries (China-Japan-Korea) with about $428.661 million or 7.4 percent of total funding. In third place are EU countries with 4.2 percent and the US with 0.4 percent.