CAIRO – 12 May 2024: Minister of International Cooperation, Rania Al-Mashat, revealed that the International Finance Corporation (IFC) has invested $9 billion in Egypt's private sector since the institution began its work in Egypt, during IFC Day in Egypt.
This investment has positioned Egypt as one of the top countries where the IFC operates. Additionally, the IFC has provided advisory services worth $34 million to support Egypt's economic development.
Al-Mashat further disclosed that the IFC's investment in Egypt from 2020 to 2023 amounted to $2.5 billion. Moreover, within the period from June 2023 to May 2024 alone, the IFC made investments totaling approximately $900 million.
The IFC's investments in Egypt encompass a wide range of sectors, including infrastructure, renewable energy, financial services, agribusiness, manufacturing, startups, investment funds, and healthcare.
Moreover, the IFC recently partnered with Banque Du Caire, signing a financing agreement worth $100 million.
This agreement aims to provide financial support to privately-owned Micro, Small, and Medium Enterprises (MSMEs), including women-owned MSMEs.
In conjunction with these achievements, Al-Mashat highlighted the collaboration between Egypt and the World Bank, which will provide a funding package of $6 billion over the next three years.
This partnership aims to boost the government's reform initiatives by allocating $3 billion to different government sectors, while an additional $3 billion will be contributed by the IFC to support the private sector. The IFC's contribution will be disbursed at a rate of $1 billion per year.
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