Mashat calls on IFC to encourage private sector to engage in sustainable development projects



Thu, 27 Feb 2020 - 01:09 GMT


Thu, 27 Feb 2020 - 01:09 GMT

Minister of International Cooperation Rania al Mashat

Minister of International Cooperation Rania al Mashat

CAIRO - 27 February 2020: International Cooperation Minister Rania el Mashat asserted the importance of expanding the activities of the International Finance Corporation (IFC) in Egypt to encourage the private sector to actively engage in the country's sustainable development projects.

The minister made the remarks Thursday during her meeting with Philippe Le Houérou, the IFC CEO and member of the Wold Bank Group, according to a press release by her ministry here.

Mashat praised the ongoing cooperation between Egypt and the IFC which she said plays a constructive role in financing the development projects in Egypt in cooperation with the private sector.

The government is currently working to implement a structural reform program which is part of the second stage of its comprehensive economic development process, Mashat said.

Meanwhile, Le Houérou hailed Egypt's achievements with regard to the economic reform and the private sector's increasing engagement in the development projects.

He lauded Egypt's success in establishing the world's largest solar power plant (Benban) in Aswan, in which the IFC has invested a total of 653 million dollars.

He expressed his optimism about the comprehensive structural reform program that Egypt has adopted as part of the second stage of its economic reforms.

The IFC is keen to establish a stronger strategic partnership with Egypt and expand its operations in the country in the coming period, he said.



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