Mashat: Egypt is among largest countries of operations for IFC with investments approaching $9 bn

Minister of International Cooperation Rania al-Mashat affirmed that the relationship with the International Finance Corporation (IFC) has facilitated approximately $9 billion in financing and investments for the private sector, in addition to a portfolio of advisory services worth $34 million, since the inception of the institution in Egypt, thus Cairo has become one of the largest countries of operations for the IFC among a hundred countries worldwide.

This came during the opening speech delivered by Mashat, who is Egypt’s governor to the World Bank, as part of the events of the “IFC Day in Egypt,” during the visit of Sergio Pimenta, Vice President of the International Finance Corporation for Africa to Egypt, in the presence of Prime Minister Mostafa Madbouly, several government ministers, and private sector officials.

At the outset of her speech, the Minister of International Cooperation said, “The events of ‘IFC Day in Egypt’ have become an annual meeting, through which we reaffirm our commitment and joint efforts to support the private sector, in implementation of the directives of President Abdel Fattah al-Sisi, announced at the beginning of his new presidential term, regarding the necessity of empowering the private sector as a principal partner in leading development efforts.”

She explained, “As Egypt’s governor to the #World_Bank Group, our relationship with the IFC comes within a broader framework of partnership with the Bank and its affiliates (the International Development Association ‘IDA’ and the International Bank for Reconstruction and Development ‘#IBRD’), which we launched in May 2023. It focuses on several objectives, foremost among which is creating a supportive environment for private sector-led investments and job creation.”

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