WB Group to pump $500M investments in Egypt

CAIRO – 29 August 2017: The World Bank Group consented to pump direct investments in Egypt at a cost of $500 million, through implementing projects in the petroleum and gas sector, Minister of Investment and International Cooperation and Egypt's Governor at the World Bank Sahar Nasr said on Tuesday.

The World Bank Group International Finance Corporation (IFC) Executive Board approved providing funds of $100 million as a contribution for investments to be conducted by major international companies in Egypt, Nasr added.

The IFC’s preference to fund Egypt’s petroleum and gas projects with such an investment volume reflects trust of the international financial institutions and international private sectors in the prospects of the Egyptian economy, Nasr clarified.
The minister noted that the IFC had earlier approved in July to provide $625 million for setting up the largest international projects for solar energy production in Egypt.

Nasr expressed her appreciation for the International Bank Group’s continuing support for Egypt’s economy, adding that the IFC’s new fund comes within the framework of continuing cooperation between Egypt and the WB Group.