IFC, CIB sign $100M deal for private sector projects

CAIRO – 28 November 2017: The International Financial Corporation (IFC) signed Tuesday a $100 million agreement with the Commercial International Bank (CIB) to support private sector projects.

Witnessed by Minister of Investment Sahar Nasr, the agreement was signed between IFC’s regional director, Middle East and North Africa Mouayed Makhlouf and chairman of the CIB Hisham Ezz al-Arab.

The government is supporting the private sector’s role in developing the economy, “our priority sectors are infrastructure, education, health and energy projects,” Nasr said in the conference.

Nasr added that the IFC recently approved to inject $150 million as new direct investments into Egypt's agriculture sector with the aim of developing the nutrition sector via the latest technologies, in addition to providing job opportunities for the youth.

The IFC is keen to support the private sector’s participation in the renewable energy field in the country, and to provide technical assistance regarding implementing relevant partnership between the public and private sectors.

In line with the partnership deal signed between Cairo and the World Bank Group, the IFC is committed to providing Egypt's private sector with $2 billion during the years 2015-2019.