Egypt’s surges IFC’s capital by $28.9M to boost private sector financing

CAIRO – 22 October 2024: The House of Representatives approved Egypt’s contribution to the capital increase of the International Finance Corporation (IFC), a member of the World Bank Group. Egypt will subscribe to 28,940 shares, equivalent to $28.9 million, as announced by the Ministry of Planning, Economic Development, and International Cooperation.

Rania Al-Mashat, Minister of Planning and Economic Development, emphasized that Egypt, as a founding member of the World Bank Group and its subsidiaries, including the IFC, plays a key role in private sector financing for developing and emerging economies.

She noted that the capital increase would enhance the IFC’s ability to expand its support to private companies.

The IFC has invested over $9 billion in Egypt, with an active portfolio of $2.3 billion spread across various sectors, including trade finance, healthcare, education, industry, agribusiness, and tourism.

 The advisory and technical support portfolio amounts to $24.8 million, according to the Ministry.

This move strengthens Egypt’s long-standing partnership with the World Bank Group and its commitment to supporting the IFC’s mission of aiding private sector growth in emerging markets.

Al-Mashat also highlighted the IFC’s involvement in public-private partnerships, including the comprehensive health insurance program, water desalination projects, and the Benban solar energy project, which contribute to job creation and financial inclusion in Egypt.