IFC appoints new Egypt manager

CAIRO – 17 September 2017: World Bank Group-member International Finance Corporation (IFC) has appointed Walid Labadi as country manager for Egypt, Libya and Yemen, the IFC announced Sunday in a press release.

Labadi, who was a chief counsel for the organization in Washington, DC, will be responsible for overseeing IFC's investments and advisory work in the three countries.

Being involved in more than 300 transactions, Labadi was a member in the teams that organized finances for power plants in Egypt and Turkey as well as the airport project in Jordan.

The IFC has provided Egypt with $2.9 billion in investments between 2006 and 2017. In fiscal year 2016/2017 alone, the IFC has given $146 million in finance to the banking, insurance, infrastructure and technology sectors.

Investment and International Cooperation Minister Sahar Nasr said in August that the IFC’s Executive Board approved the provision of $100 million as a contribution for investments in Egypt, to be conducted by major international companies.

The minister added that the IFC prefers to fund Egypt’s petroleum and gas projects.