IFC provides CIB with $150M to support small projects

CAIRO - 25 November 2024:  Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, presided over the signing of a $150 million concessional development financing agreement between the International Finance Corporation (IFC) and the Commercial International Bank (CIB).

The initiative focuses on fostering the growth of micro, small, and medium-sized enterprises (MSMEs), including those led by women (WMSMEs).

 

Al-Mashat commended the robust partnership between the Egyptian government and the IFC, underscoring its pivotal role in advancing the country’s sustainable development goals.

She highlighted MSMEs as the cornerstone of Egypt’s economy, noting their contributions to employment, innovation, and economic resilience, particularly in addressing funding challenges for women entrepreneurs.

 

The agreement marks a significant milestone in bridging the financing gap for MSMEs, enabling them to scale, succeed, and drive Egypt’s progress toward the Sustainable Development Goals (SDGs).

Al-Mashat reaffirmed her Ministry’s dedication to empowering these enterprises, emphasizing their importance in job creation and GDP growth.

 

Additionally, she referenced the Prime Minister’s initiative to establish a ministerial group for entrepreneurship, led by the Ministry of Planning, aimed at improving the startup and entrepreneurial ecosystem.

This initiative aspires to build a knowledge-driven, competitive economy capable of generating sustainable jobs for Egypt’s youth.

 

Al-Mashat also spotlighted Egypt’s leadership in advancing gender equality, including the launch of the region’s first national strategy for women’s empowerment aligned with the UN SDGs and the “Closing the Gender Gap Accelerator” platform.

These efforts reflect the government’s commitment to fostering inclusive growth.

 

The IFC’s previous $100 million investment in Egypt’s first private-sector green bond for CIB in 2021 was another step toward supporting eco-friendly projects, reducing greenhouse gas emissions, and advancing the country’s green economy transition.

Since 1975, the IFC has invested approximately $9 billion in Egyptian projects and manages a $24 million advisory portfolio, underscoring its long-standing impact on the nation’s economic development.