International Finance Corporation eyes investment boost in Egypt: minister

The International Finance Corporation (IFC) weighs boosting financing programmess dedicated to invest in Egypt’s industrial sector in the coming period, Trade and Industry Minister Tarek Qabil said on Friday.

Thanks to the success of the country’s economic reform program, the trust of all international financial institutions in Egypt’s economy as one of the promising economies in the Middle East has been restored, Qabil added.

Qabil made the remarks during an expanded meeting with an IFC delegation, in the presence of Egyptian officials and investors.

The IFC mulls pumping new investments into the Egyptian market in various domains, including petrochemicals, fertilizers, energy, services and SMEs, the minister explained in a statement issued on Friday.

The strategy of the Trade Ministry to bolster industrial and trade development till 2020 aims at securing six million square meters of licensed industrial lands, establishing 22 industrial complexes, bringing down the trade deficit by 50 percent, along with creating three million new job opportunities, he went on to say. Source: MENA