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International Finance Corporation invests up to US$7 billion in Egypt

Egyptian Minister of International Cooperation & Governor of Egypt at the World Bank Group, Rania al-Mashat, met on Friday with the Vice President of the International Finance Corporation (IFC) for Africa Sergio Pimenta, who is currently visiting Egypt.

The meeting followed up on the joint cooperation portfolio with the IFC, and the ongoing measures to enhance private sector participation and encourage investments, held in the presence of Regional Director for North Africa and the Horn of Africa Cheick Oumar Sylla, and the Advisor to the Vice President of the International Finance Corporation for Africa Olayinka Lawson.

Mashat expressed her government’s appreciation for the joint work done with IFC, the arm of the World Bank to finance the private sector, and the importance of partnerships and efforts consistent with the state’s priorities to increase the private sector’s participation in Egypt’s development.

She noted that this close partnership is reflected in the volume of IFC investments exceeding seven billion dollars since beginning its work in Egypt.

Mashat explained that over the past four years, the total investment portfolio of IFC amounted to about US$2.46 billion, including an already ongoing portfolio worth $1.7 billion for several companies, as well as a technical cooperation portfolio.

A technical support portfolio worth $34 million is also in place with the IFC, the minister said, in high priority areas such as the financial sector, financial technology, climate financing, manufacturing, infrastructure and renewable energy, health care, and gender equality.

Mashat noted the importance of the coming joint cooperation, especially in light of the implementation of the advisory services agreement between IFC and the government to implement the state’s IPO program signed in June.

This comes out of Egypt’s endeavor to provide the opportunity for more partnerships with the private sector.

The IFC works as a strategic advisor to the government to implement the government IPO program, and present an initial plan for implementation.

The plan includes the technical and financial aspects of offering some companies in many of the proposed sectors as a first stage of the IPO program.

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