IFC directs $421m investments to Egypt’s private sector during 2020

International Finance Corporation (IFC)  has directed development financing worth $421 million to the private sector in Egypt,  according to The Minister of International Cooperation, Rania El-Mashat

The minister added that IFC directed an overall financing worth $4 billion in Egypt during the past decade, which enhanced the private sector’s engagement in development efforts.

The minister further explained that Egypt was resilient in the face of the COVID-19 pandemic and was able to maintain growth due to the successful partnerships between the public and private sector.

The Minister of International Cooperation, Rania El-Mashat, met with Mokhtar Diop, Managing Director of the International Finance Corporation (IFC), to discuss the portfolio of ongoing projects with the IFC and future areas of cooperation to pave the way towards effective development cooperation.

The meeting took place in the presence of many global figures including the IFC’s Vice President for Middle East and Africa, Sérgio Pimenta; World Bank Group’s Country Director for Egypt, Marina Wes; IFC’s Country Manager for Egypt, Yemen and Libya, Walid Labadi; and Executive Director and Dean of the Board of Executive Directors of the World Bank Group, Merza Hasan, according to a statement on Wednesday.