Nasr discusses supporting SMEs with IFC

CAIRO- 23 April 2017: Egyptian Minister of Investment and International Cooperation Sahar Nasr discussed with James Harmon, Chairman of the Egyptian-American Enterprise Fund (EAEF), means of promoting the development of the Egyptian private sector with $300 million, focusing on small-and medium-sized enterprises (SMEs).

On the fringe of World Bank spring meetings in Washington, Nasr expressed hopes to increase cooperation with the United States, particularly after the U.S.-Egyptian summit lately held between Sisi and his U.S. counterpart Donald Trump.

Harmon reviewed current EAEF's investment in Egypt represented in Fawry, a pioneering Electronic Payment Network, with $20 million, Sarwa Capital with $56.1 million, SmartCare medical services with $1.2 million, Tanmeya Capital Ventures with $10 million and Algebra Ventures with $10 million.

On the other hand, Nasr discussed with Vice President of International Finance Corporation (IFC) Dimitris Tsitsiragos means of bolstering cooperation between the government and private sector, aiming at economic development that would help to create job opportunities and tackle poverty.

Nasr stressed on the essential priority of implementing agreements concluded between Sisi and World Bank chief Jim Yong Kim. The agreement was on highlighting private sector role, supporting Egypt's efforts on attracting foreign investments, increasing funds for small and medium enterprises.

IFC is the largest global development institution focused exclusively on the private sector in developing countries.