IFC invests $1B to support Egypt’s private sector

CAIRO – 22 April 2018: International Finance Corporation (IFC), a member of the World Bank Group, announced Sunday that its investment to support Egypt’s private sector was nearly $1 billion during the current fiscal year, according to IFC statement.

The statement affirmed that its commitment to boost the Egyptian economy came as a result of the strong economic reform taken by the Egyptian government.

IFC's Chief Operating Officer Stephanie von Friedberg met a delegation from Egypt headed by Minister of Investment and International Cooperation Sahar Nasr, to discuss ways to enhance private sector participation in economic development.

This meeting came during the World Bank Group and International Monetary Fund Spring Meetings.

Friedberg said that Egypt implemented strong economic reforms that returned Egypt to the interest circle of the investors again.

“Reforms in the energy sector, in particular, have helped attract a number of first-time investors and financiers to the country. Continuing reforms will help open up more sectors to private investment, which is vital to boost economic growth.” She added.

She added that Egypt is one of IFC's largest investment portfolios in the Middle East and North Africa region, with investments of $2.9 billion from 2006 until 2017. IFC's investments aim to support the private sector in Egypt, create jobs and promote economic growth.

The corporation’s investment portfolio includes financial markets, infrastructure, oil and gas, agribusiness, manufacturing, and healthcare in 2018.

IFC led a consortium to finance the construction of 13 solar power plants in Aswan that are worth $653 million.

It also provided a $100 million loan to help one of Egypt's leading banks to scale up the lending operations to customers and provided $150 million in Islamic financing to Almarai, a dairy company, to help in boosting the country's food sector.