IFC Secures $300mn to Provide Financial Services and Develop Infrastructure in Egypt

The International Finance Corporation (IFC)’s total investments in Egypt recorded US$1 billion, including US$300 million directed for providing services, focusing on technological and financial industries as well as developing infrastructure within the upcoming period, said IFC regional director Nada Shousha.

In Egypt, the number of citizens who have bank accounts hit 10 million, compared to more than 50 million citizens with no bank accounts yet, she noted. Yet, there are more than 90 million cellular subscribers in the North African country. This in return requires a sustainable cooperation between banks and mobile operators to work on increasing more citizens to get bank accounts and have access to entire financial services in Egypt.

In a keynote speech at Fawry’s 1st financial inclusion conference, Shousha referred that greater inclusion to financial and governmental services in Egypt requires providing more services to include all the segments of society.

Moreover, she noted that World Bank is working with banks, micro and IT enterprises, with the aim of reaching greater inclusion to financial and governmental services in Egypt.

IFC seeks to provide the necessary assistance to boost the country’s infrastructure, she added, elaborating that the institution has pumped multi-billion in aids to Egypt.