IFC Plans New Investments in Egypt’s Maadi Technology Park

The International Finance Corporation (IFC), a member of World Bank Group, plans to participate in funding the construction of ten buildings in the technological zone in Maadi, Southeast of Cairo.

Speaking to Amwal Al Ghad on Sunday, Mohamed Abdel Wahab – Chairman of Maadi Technological Zone – said IFC would take part in funding the ten new technological buildings within the coming year.

IFC had already participated in developing services projects in the technological zone under the Public-Private-Partnership (PPP) system, the Egyptian official noted, referring to the Corporation’s genuine interest in the zone.

Maadi Technological Zone is situated on 75 feddans, with the aim of contributing to the development and increase of ICT exports through the Egyptian IT and outsourcing companies, in order to meet the demanding growth of the ICT industry and the export of ICT services to various international and local companies across the world.
The project is scheduled to provide 40.000 direct in addition to 57.000 indirect jobs.

IFC’s commitments in Egypt have reached more than US$1 billion since 2011. IFC, the private-sector lending arm of the World Bank Group, committed around $4 billion to support economic development in the Middle East and North Africa (MENA).