IFC
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.
Egypt’s Ministry of International Cooperation, in partnership with the private sector, is working to transform the country towards a green economy, within the framework of the first pillar of the Economic Diplomacy: Multi-Stakeholder Platforms.
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.
Using solar power for water pumping could potentially save farmers an estimated LE 14 billion ($875 million) annually in diesel fuel costs, helping reduce greenhouse gas, according to IFC.
he program is aimed at creating a more suitable and flexible business climate in the private sector for enabling women.
IFC said the three-year program will help create family-friendly, flexible workplaces to make Egyptian businesses more resilient, agile and inclusive, especially in times of crisis.
IFC announced Tuesday joining forces with the National Bank of Egypt and the Micro, Small and Medium Enterprise Development Agency (MSMEDA) to strengthen the clean technology entrepreneurship sector .
Okasha pointed out that the agreement is the first of its kind between NBE and IFC.
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 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.
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.
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.
The MoU targets to support turning Egypt into a regional hub for petroleum and natural gas trade.
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.
IFC noted that the start-ups include Vezeeta, Avidbeam and Next Protein.
