Egypt to boost private sector with IFC – minister
Egypt’s Minister of International Cooperation and Governor of Egypt at the World Bank, Rania Al-Mashat, spearheaded the “IFC Day in Egypt” event, underscoring collaborative efforts with the International Finance Corporation (IFC) to drive economic development.
During her keynote address at the event, Al-Mashat emphasised the pivotal role of the private sector in Egypt’s development agenda. She reiterated the government’s commitment to President Abdel Fattah El Sisi’s vision of empowering the private sector as a catalyst for growth.
Highlighting the longstanding partnership between Egypt and IFC, Al-Mashat revealed staggering figures for IFC’s investments in Egypt, totaling approximately $9 billion in financing and a portfolio of advisory services valued at $34 million. These investments, spanning various sectors including sustainable infrastructure, renewable energy, and financial services, underscore Egypt’s position as a key destination for IFC’s operations.
Despite global challenges, including the COVID-19 pandemic and geopolitical tensions, Egypt has witnessed a surge in IFC investments, with a notable $900 million injected into the economy between June 2023 and May 2024 alone.
This upward trajectory reflects the resilience of Egypt’s private sector and its attractiveness to international investors.
Underlining the commitment to furthering private sector growth, Al-Mashat announced a landmark $6 billion partnership with the World Bank, aimed at supporting government reforms and fostering private sector development.
Additionally, a $100 million financing agreement between IFC and Banque Du Caire was signed during the event, targeting micro, small, and medium enterprises (MSMEs) along with trade finance initiatives.
In her address, Al-Mashat emphasised the multifaceted benefits of a robust private sector, including job creation, export promotion, and innovation stimulation.
The partnership with IFC, she noted, is built on three pillars: employment, inclusion, and integration, aimed at driving sustainable economic growth in Egypt.
Furthermore, Egypt’s collaboration with international financial institutions extends beyond conventional boundaries, with joint projects such as desalination plants and renewable energy ventures showcasing the country’s commitment to environmental sustainability and innovation.
As the event concluded, a new advisory services agreement between IFC and the Universal Health Insurance Authority marked another milestone in Egypt’s journey towards inclusive and sustainable development. With collaborative efforts at the forefront, Egypt remains poised to harness the potential of its private sector for the benefit of its citizens and the broader economy.
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