IFC current portfolio with Egypt nears $1.5 bln, in talks for more

The International Finance Corporation (IFC)’s, the investment arm of the World Bank, current portfolio for Egypt is nearing $1.5 billion in private sector, infrastructure, energy, tourism, and SME businesses.

These remarks were made following a meeting between Egyptian Minister of International Cooperation Sahar Nasr and Mouayed Makhlouf – IFC’s Regional Director for Middle East and North Africa – in Cairo on Saturday.

The meeting aimed at discussing IFC’s possible contribution to the Egyptian tourism and small and medium-sized sectors in the coming period.

The two officials also reviewed the recent report on obstacles holding back private sector investments in eight countries including Egypt, which was made by European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the World Bank (WB) last July.

The report highlighted political instability, corruption, unreliable electricity supply, and inadequate access to finance as the factors that were holding private sector investments in the Middle East and North Africa region.

From her part, the Egyptian minister said the government is working hard to remove any obstacles facing private sector investments in Egypt.

“The government is keen to apply all the suggestions mentioned in the report, which in turn Egypt will need the support of various financial institutions.” Minister Nasr said.