IFC invested $1.1b in Egypt’s energy sector in 2024 alone – Diop

The International Finance Corporation (IFC) has invested $1.1 billion in Egypt’s energy sector in 2024, as the World Bank Group’s private-sector arm deepens its partnership with the North African nation across key development areas, including AI, logistics, and manufacturing, Makhtar Diop, IFC’s Managing Director said during the conference on Development Financing to Foster Private Sector-Led Growth & Jobs hosted by Cairo on Sunday.

Makhtar Diop, IFC’s Managing Director, said Egypt is “a partner growing stronger and more open” with its collaboration in artificial intelligence and digital technologies reflecting not only technical progress but a broader commitment to what he called “enlightened globalisation.”

“This is about more than tools. It’s about shared expertise, global knowledge, and a collective approach to building a civilisation rooted in development,” Diop said.
IFC’s investment strategy in Egypt is part of a wider global push. Diop noted that he and his partners pledged in 2008 to mobilise $15 billion in resources. The group now aims to attract $4 billion more to support globalisation and international partnerships.

Diop said IFC is supporting opportunities in manufacturing, logistics, and tourism in Egypt. He emphasised that the country’s progress reflects not only institutional cooperation but also its growing stature as a confident, globally connected economy.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama