International Finance Corporation
This investment is part of Egypt’s broader development strategy under the “NWFE” program, which is aimed at supporting sustainable growth and accelerating the country’s transition to a green economy
He expressed optimism about collaborating with the French group, noting the government’s focus on offering airport management opportunities to the private sector as part of its privatization program, implemented in cooperation with the International Finance Corporation (IFC)
Pimenta emphasized that the ongoing collaboration with the Egyptian government, particularly with the Ministries of Civil Aviation and Planning, has led to a shared understanding of the privatization process for Egypt's airports
She emphasized the importance of unlocking the sector’s vast potential by engaging the private sector and welcomed the IFC's expertise in this domain.
During discussions with Emmanuel Nyirinkindi, IFC's Vice President of Cross-Cutting Solutions, Minister Al-Mashat explored avenues for collaboration to bolster private sector involvement in Egyptian government initiatives.
The Egyptian government is committed to paving the road for more contributions from the private sector, the prime minister stated
Egypt’s current cooperation portfolio with the IFC is to approximately $1.84 billion across multiple sectors, with an additional $26.8 million injected into private sector investments during January 2024
Pimenta stated that the IFC is currently collaborating with Egypt to prepare companies for the second phase of the Initial Public Offering (IPO) program
The IFC has a growing investment portfolio amounting to about $1.5 billion in investment projects in Egypt, in addition to $32 million in advisory programs.
The Minister pointed out the importance of expanding the scope of cooperation between the IFC and private sector companies in Egypt through credit lines to banks to promote the development of small, medium and micro enterprises (SMEs), in addition to the availability of green bonds, to increase investments in various fields.
The financing is pending approval and would consist of a $75 million loan and interest rate swaps worth around $8 million, according to the IFC.
This came during Al-Mashat’s meeting with the International Finance Corporation’s (IFC) Global Head and Director of Climate Business, Vivek Pathak, as part of the Minister’s participation in the United Nations Climate Change Conference (COP 26) at Glasgow, the United Kingdom, running from October 31 to November 12.
IFC added in a statement that this investment is to help unlock finance for climate-smart projects, reduce greenhouse gas emissions, and support the country's transition to a greener economy.
The loan extends to 8 years and will be allocated to finance the company's growth plans across current markets and to enter new markets with the aim of expanding the provision of diagnostic services in emerging markets with high growth rates in addition to strengthening its current presence in Egypt, Jordan and Nigeria, and Sudan.
In the International Finance Corporation’s (IFC) virtual webinar titled “Egypt of Tomorrow: Improving Healthcare through Private Sector Investments”, the Minister of International Cooperation Dr. Rania A. Al-Mashat gave an opening speech on the role of the private sector in healthcare services development on March 30.
This partnership focuses on enhancing the entrepreneurship environment in Egypt, pushing towards the 17 United Nations Sustainable Development Goals (SDGs).
IFC noted that through the partnership, both parties will design new financial products to enable farmers - most of whom may lack direct access to electricity grid - to purchase and install solar powered irrigation pumps.
IFC clarified in a statement that the objective of the funding is to help the company boost exports, introduce cleaner production practices, and create jobs.
The deal is part of greater efforts aimed to help Egyptian private companies to deal with the negative impacts of the COVID-19 pandemic, giving attention to creating equal opportunities for women at work.
These smart meters will also help rationalize electricity use, enabling consumers to keep track of their energy consumption, the IFC added.
