Egypt to receive $2 bln from International Finance Corporation

The World Bank’s International Finance Corporation (IFC) will provide finance for the Egyptian private sector to the amount of $2 billion, Egypt’s Ministry of Investment and International Cooperation announced Sunday.

According to a ministry statement, the IFC finance will focus on the renewable energy field through 2019, as part of the partnership between Egypt and the World Bank.

The statement came after a meeting between Egyptian Minister of Investment and International Cooperation Sahar Nasr and IFC CEO Philippe Le Houérou in Washington during the former’s visit to the US.

The statement said that Nasr and Le Houérou discussed cooperation between Egypt and the IFC and the latest economic reforms adopted by Egypt.

Source: Ahram Online