IFC chief executive to pay his first Egypt visit on December 14th

Philippe Le Houérou, chief executive of the International Finance Corporation (IFC), the private sector arm of World Bank, will pay his first official visit to Egypt next December 14-15th.

IFC is the largest global development institution that focuses on the private sector in developing countries.

Le Houérou is set to meet with Egyptian Minister of International Cooperation Sahar Nasr, who is also the country’s governor at the World Bank, alongside some senior government officials, to discuss means to boost cooperation between the IFC and Egypt.

IFC’s portfolio of cooperation with Egypt currently accounts for $2 billion.

The Egyptian officials will discuss with Le Houérou the current challenges facing the private sector in Egypt and means to have IFC’s support for a number of future projects, said minister Nasr in a statement released on Monday.

IFC’s top priority in Egypt are the projects that involve sectors of infrastructure, renewable energy, transport, water, and education, she added.

“Egypt hopes to boost the volume of cooperation with the IFC for upcoming water treatment, small and medium-sized, as well as private sector projects.” Minister Nasr said.