IFC's Vice President visits Egypt Monday, discusses private sector's contribution to economy

CAIRO - 19 March 2023: Regional Vice President of the International Finance Corporation (IFC) for Africa, Sérgio Pimenta will arrive in Cairo next Monday to discuss ways to increase the private sector's contribution to the Egyptian economy, in line with the state ownership policy document.

 

According to a statement issued by the IFC, Pimenta will meet a number of Egyptian officials; including; Hassan Abdullah, Governor of the Central Bank of Egypt, Rania Al-Mashat, Minister of International Cooperation, Hala El-Said, Minister of Planning and Economic Development, and Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, in addition to his meetings with a number of representatives of the private sector and development partners.

 

The IFC has a growing investment portfolio amounting to about $1.5 billion in investment projects in Egypt, in addition to $32 million in advisory programs to support the private sector in key areas such as access to finance, financial technology, climate finance, manufacturing industries, and infrastructure. infrastructure, health care, and gender equality.

 

During his visit to Egypt, Pimienta will participate in several events, including the signing of an agreement with the Egyptian government and the Sovereign Fund of Egypt. He will also announce, along with officials of the Egyptian government and the European Bank for Reconstruction and Development (EBRD), a partnership to enhance the supply of safe drinking water within the framework of public-private partnership projects in Egypt. He is scheduled to deliver an opening speech at the Egyptian Banking Sector: IFC and Financial Sector Partnership event.

 

Furthermore, Pimienta will witness the signing of a new agreement between the IFC and the Commercial International Bank (CIB) to support the latter’s climate strategy, complementing IFC's $100 million investment in the bank's green bond program.