Egypt explores new investment avenues with IFC

Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al Mashat, met with the International Finance Corporation’s (IFC) Regional Director for the Financial Institutions Group (FIG) in Africa, Aliou Maiga, to discuss developments in IFC’s programmes, financial markets, and capital activities in Egypt.

Al Mashat highlighted Egypt’s strong partnership with IFC, which has resulted in nearly $9 billion in private sector financing and investments. She noted that Egypt is among the largest IFC operation countries worldwide, spanning 100 nations, the Egyptian Cabinet stated on Wednesday.

The discussions covered Egypt’s new economic framework, which aims to ensure macroeconomic stability, enhance financial resilience, and promote green transformation. The strategy focuses on investments in human capital, industrial development, small and medium-sized enterprises (SMEs), technology, entrepreneurship, green investments, and sustainable infrastructure.

Al Mashat stressed the importance of expanding collaboration with IFC, particularly in human capital development, agriculture, industrial growth, and enhancing private sector competitiveness.

She also discussed the progress of NWFE platform, which aligns with Egypt’s Vision 2030 and its National Climate Strategy 2050, as well as the launch of Hafiz platform, designed to bridge information gaps and provide private sector access to financial and technical support from development partners.

IFC’s role in Egypt’s renewable energy sector was also highlighted. The corporation led a coalition of nine global banks to finance Benban Solar Park in Aswan and is a key partner in funding Egypt’s NWFE energy projects. IFC is involved in financing the 500 MW Abydos solar power plant in Aswan and the 500 MW Amont wind farm in Ras Ghareb.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama