IFC to increase investments in Egypt to $1bn

CAIRO - 28 November 2017: The International Finance Corporation (IFC) will increase its investments in Egypt to one billion dollars in the coming period, the IFC regional director said on Tuesday.

Mouayed Makhlouf, the IFC's regional director for Middle East and North Africa, said the funds will be channeled into development projects in Egypt.

Makhlouf made the remarks during a signing ceremony of an agreement, upon which the IFC will offer a 100-million-dollar loan to the Commercial International Bank to fund small and medium-sized enterprises in Egypt.

Makhlouf said the agreement comes as part of the IFC's efforts to promote the Egyptian economy, reduce poverty and create jobs for youth.