Cairo – February 14, 2024: Meeting with a delegation from the International Finance Cooperation (IFC) on Wednesday, Minister of International Cooperation (MoIC) and Governor of Egypt at the World Bank Group, Rania Al-Mashat, expressed Egypt’s keenness to enhance the strategic partnership between the two for private sector empowerment and increased investments.
The delegation, led by Cheick-Oumar Sylla, Regional Director for North Africa and the Horn of Africa at the IFC, and joined by Jumoke Jagun-Dokunmu, IFC’s Chief Investment Officer & Head of Fragility for Africa, and IFC's Senior Country Officer for Egypt, Saad Sabrah, sat down with the minister to explore various cooperation efforts.
Egypt’s current cooperation portfolio with the IFC is to approximately $1.84 billion across multiple sectors, with an additional $26.8 million injected into private sector investments during January 2024.
The meeting reviewed Egypt’s close relationship with the IFC, which has resulted in investments exceeding $7 billion in various private sector companies and sectors, such as finance, agriculture, health, education, manufacturing, tourism, retail, construction, real estate, infrastructure, and oil.
Discussions revolved around the IFC's goals in Africa, aiming to increase investments and diversify programs across targeted sectors, with the minister and IFC officials exploring existing partnerships to further empower Egypt’s private sector.
Al-Mashat emphasized the state's commitment to strengthening its role in development efforts, while the IFC expressed interest in contributing to the Hayat Karima initiative, focusing on the development of rural villages by financing private sector companies.
The meeting discussed the role of Small and Medium-sized Enterprises (SMEs) under the initiative.
Al-Mashat also underscored the government's commitment to strengthening the strategic partnership with the IFC, reflecting increased investments and funding directed toward the private sector in alignment with the World Bank’s strategy.
The strategy focuses on stimulating the private sector, creating job opportunities, fostering an investment-friendly environment, increasing investment in human capital, and promoting climate action for comprehensive recovery and sustainable growth.
She also acknowledged the IFC's efforts in encouraging foreign direct investments in Egypt's healthcare sector, aligning with the government's interest in private sector participation in healthcare projects.
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