IFC to issue Egyptian pound bond

The International Finance Corporation (IFC) has gained approval from the Egyptian Cabinet on Thursday to issue pound-denominated bond on the international market.

A pound-denominated international bond will help boost IFC’s investment portfolio in Egypt and diversify the funding sources for the private sector in the country.

Since beginning its operations in Egypt, IFC – a member of the World Bank Group – has invested and mobilized more than $7 billion in investment projects and has an advisory portfolio amounting $34 million in Egypt, which have supported the private sector in key areas such as access to finance, fintech, climate finance, manufacturing, infrastructure and renewable energy, healthcare, and gender.