IFC to fund Egypt’s private sector with $2B by 2019

CAIRO – 22 July 2018: International Finance Corporation (IFC), a member of the World Bank Group, is committed to fund the Egyptian private sector with $2 billion by 2019, a value that can be increased for entrepreneurship and small and medium enterprises, CEO of IFC Philippe Le Houerou said.

This came during his meeting with Egyptian Minister of Investment and Foreign Cooperation Sahar Nasr in Washington, in the presence of Egypt’s executive director for the World Bank Ragui el-Etreby.

Houerou explained that his organization is keen to support the participation of the private sector in the field of renewable energy in Egypt, and provide technical support on the implementation of public-private partnership in this sector.

He further stressed the commitment of the foundation to support the private sector in order to contribute to the provision of employment opportunities for young people.

It is worth mentioning that Egypt was chosen by the foundation as a model for its investments in the Middle East and Africa.

He expressed his confidence in the Egyptian economy's progress and the government's economic and social program, pointing out that Egypt is among the top choices for the International Finance Corporation.

For her part, the Egyptian minister stated that the cooperation portfolio between IFC and Egypt reached $1.8 billion from 2014 to 2018 through investing in the sectors of energy, infrastructure, banks, oil, tourism, health and industry.

Nasr emphasized the Egyptian efforts to boost the African development through her meeting with the African group of the bank, pointing out that the country focuses on youth, infrastructure, and human capital as essentials for progress to guarantee a better future for the continent.

Meanwhile, IFC announced in April that its investments to support Egypt’s private sector recorded around $1 billion during 2017/2018, aiming to boost the Egyptian economy.