International Finance Corporation
The Minister pointed out the importance of expanding the scope of cooperation between the IFC and private sector companies in Egypt through credit lines to banks to promote the development of small, medium and micro enterprises (SMEs), in addition to the availability of green bonds, to increase investments in various fields.
The financing is pending approval and would consist of a $75 million loan and interest rate swaps worth around $8 million, according to the IFC.
This came during Al-Mashat’s meeting with the International Finance Corporation’s (IFC) Global Head and Director of Climate Business, Vivek Pathak, as part of the Minister’s participation in the United Nations Climate Change Conference (COP 26) at Glasgow, the United Kingdom, running from October 31 to November 12.
IFC added in a statement that this investment is to help unlock finance for climate-smart projects, reduce greenhouse gas emissions, and support the country's transition to a greener economy.
The loan extends to 8 years and will be allocated to finance the company's growth plans across current markets and to enter new markets with the aim of expanding the provision of diagnostic services in emerging markets with high growth rates in addition to strengthening its current presence in Egypt, Jordan and Nigeria, and Sudan.
In the International Finance Corporation’s (IFC) virtual webinar titled “Egypt of Tomorrow: Improving Healthcare through Private Sector Investments”, the Minister of International Cooperation Dr. Rania A. Al-Mashat gave an opening speech on the role of the private sector in healthcare services development on March 30.
This partnership focuses on enhancing the entrepreneurship environment in Egypt, pushing towards the 17 United Nations Sustainable Development Goals (SDGs).
IFC noted that through the partnership, both parties will design new financial products to enable farmers - most of whom may lack direct access to electricity grid - to purchase and install solar powered irrigation pumps.
IFC clarified in a statement that the objective of the funding is to help the company boost exports, introduce cleaner production practices, and create jobs.
The deal is part of greater efforts aimed to help Egyptian private companies to deal with the negative impacts of the COVID-19 pandemic, giving attention to creating equal opportunities for women at work.
These smart meters will also help rationalize electricity use, enabling consumers to keep track of their energy consumption, the IFC added.
The meeting was attended by officials from World Bank (WB), IFC, European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB).
the Fund, SPE AIF I is managed by SPE Capital Partners and will focus mainly on Egypt, Morocco and Tunisia.
This came during the extended meeting held by the Minister with IFC delegation led by WalidLabadi, Director of the Foundation's Cairo office for Egypt, Yemen and Libya.
This is the first project to be carried out under the Auction system, she added.
Nasr underscored the IFC's great role in supporting several mega projects in Egypt, noting that the corporation's investments in Egypt hit a record high in 2017-2018 fiscal year after reaching $1.2 billion.
IFC clarified in a statement that this finance is to support the firm’s capital expenditure program, create new jobs, and boost Egypt’s manufacturing sector.
International Finance Corporation (IFC) CEO Philippe Le Houérou praised on Sunday economic decisions taken by the Egyptian government to increase investments.
This is the largest number of reforms implemented in Egypt in one year during the past 10 years.
The International Finance Corporation’s Country Manager Walid Labadi chats with Egypt Today about their future investments in the country, key issues facing the private sector and the sectors they see most potential in.