IFC appointed as an advisor to Egypt’s IPO program

CAIRO - 18 June 2023: The International Finance Corporation (IFC) signed an agreement with Egypt on Sunday to offer advisory services and technical assistance for Egypt’s IPO program.

The agreement was signed by Makhtar Diop, Managing Director of the IFC and Rania Al Mashat, Minister of International Cooperation.

Through this agreement, the IFC will support the structuring and preparing companies targeted for offering to the private sector, and improve corporate governance, in a way that enhances capital flows and supports the country's vision to achieve economic recovery.

Egypt’s IPO program offers stakes in more than 32 state-owned  companies to strategic investors, public offerings on the EGX, or a combination of both. 

President Abdel Fattah El Sisi also met with Diop earlier today where El Sisi lauded the country’s fruitful partnership and cooperation with IFC particularly in the fields of infrastructure, renewable energy, transformative industries and healthcare.

Diop underlined Egypt's commitment to promoting a business-friendly environment and urged the IFC to expand joint programs with the private sector to encourage its involvement in supporting sustainable and comprehensive development efforts.

Al Mashat shed light on the role of this partnership in advancing the participation of the private sector in the development wheel, as the IFC has strengthened efforts to provide and mobilize investments of about $7 billion since its inception, including $1.8 billion in climate finance, such as investing in renewable energy and green bonds, in addition to $95 million in financial technology, stock funds and startups, as well as other sectors.