The international Finance Corporation, IFC is keen on investing about $600 million into Egypt’s economy via the private sector. The ministry of planning and economic development, under Rania Al-Mashat made the affirmation on Monday during a visit by the Vice President of IFC for North and Horn of Africa.
Through Strengthened Partnership, Egypt and the International Finance Corporation (IFC) have revealed, the IFC is investing about $600m in three major Egyptian private sector companies.
This was announced on Monday following a meeting between Minister of Planning and Economic Development and International Cooperation Rania Al-Mashat and IFC Vice President for Africa Sérgio Pimenta during Pimenta’s visit to the African country.
During the meeting, which took place at the ministry’s headquarters in the New Administrative Capital, also included Cheikh Oumar Sylla, IFC Vice President for North Africa and the Horn of Africa, as well as senior officials from the corporation highlighted the significant role of the IFC, as the largest international multilateral institution focused on private sector empowerment in emerging markets, and bolstering macroeconomic stability.
Minister Al-Mashat emphasised the importance of the $600m investment in promoting green transformation, climate action, sustainability, and the development of small and medium enterprises (SMEs).
In line with the nation’s vision, Al-Mashat stressed the importance of international partnerships in providing access to development financing and innovative financial tools, such as blended finance, for the Egyptian private sector in a bid to diversify financing sources and increase investments.
However, the minister affirmed the ministry is working through the “Framework for Sustainability & Financing for Economic Development” to integrate domestic and foreign financing to accelerate development and promote evidence-based economic development policies. Both partners discussed their shared commitment towards strategic partnership until 2027.
