Sisi to receive International Finance Corporation chief executive today

By Yomna Yasser On Dec 14, 2016

Egypt’s President Abdel Fattah al-Sisi will receive Wednesday Philippe Le Houérou, CEO of the International Finance Corporation (IFC), the private sector arm of World Bank.

IFC is the largest global development institution that focuses on the private sector in developing countries.

Le Houérou is paying his first official visit to Egypt Wednesday for two days.

IFC official is expected to meet with Egyptian Minister of International Cooperation and Egypt’s Governor to World Bank and IFC, Sahar Nasr as well as a number of government officials to discuss cooperation between Egypt and IFC.

During the period from 2015-2016, an approximate amount of $580 million was utilised, accounting for 30 percent of the IFC’s $2 billion cooperation portfolio with Egypt.

The Egyptian officials will discuss with Le Houérou the current challenges facing the private sector in Egypt and means to have IFC’s support for a number of future projects, said minister Nasr in a statement released on Monday.

IFC’s top priority in Egypt are the projects that involve sectors of infrastructure, renewable energy, transport, water, and education, she added.

“Egypt hopes to boost the volume of cooperation with the IFC for upcoming water treatment, small and medium-sized, as well as private sector projects.” Minister Nasr said in an earlier statement.