World Bank’s IFC to invest $150 million in Egypt’s PPP agriculture projects

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The World Bank’s International Finance Corporation (IFC) has approved Friday new direct investments worth $150 million in Egypt’s agriculture sector, Egyptian Investment Sahar Nasr said.

The investments will be part of Egypt’s public-private partnership (PPP) projects in agriculture sector, which aim to provide new job opportunities for the youth and adopt the latest technologies in manufacturing, Nasr added in a statement on Saturday.

The approval given by the IFC’s executive board came just one day after Egyptian President Abdel Fattah al-Sisi’s meeting with World Bank Group President Jim Yong Kim on the sidelines of the 72nd UN General Assembly in New York, the statement read.

Sisi called for more cooperation with the World Bank and its arms, including the IFC in various economic sectors, describing the bank as Egypt’s strategic development partner for its social and economic transition.