(MENAFN- Daily News Egypt) Egypt and the International Finance Corporation (IFC) are strengthening their partnership, with the IFC investing approximately $600m in three major Egyptian private sector companies. This was announced 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 Egypt.
The meeting, held at the ministry's headquarters in the New Administrative Capital, also included Cheikh Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa, and senior officials from the corporation. Al-Mashat welcomed Pimenta, highlighting the significant role of the IFC, the largest international multilateral institution focused on private sector empowerment in emerging markets, in bolstering macroeconomic stability.
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).“These investments unleash the potential of the private sector and boost its involvement in development efforts,” she said.
She further stated,“Our national vision aims to enhance the private sector's participation in economic activities through building strong partnerships. The IFC has always been a key partner in achieving these goals. The newly announced investments are a testament to our shared commitment to fostering inclusive and sustainable economic development and advancing climate resilience. This collaboration underscores the essential role of the private sector in building a sustainable and resilient future.”
Al-Mashat also 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. She noted the World Bank's unified guarantee platform as a means for private sector companies to diversify their financing sources and increase investments.
The Ministry of Planning and Economic Development and International Cooperation, she added, 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.
The meeting also covered developments in the strategic partnership with the IFC under the Country Partnership Framework with the World Bank Group until 2027, including the IFC's advisory role in the Government Privatization Program. Ongoing cooperation in renewable energy, healthcare development, and other sectors was also reviewed.
Since its establishment in Egypt in 1975, the IFC has invested and mobilized approximately $9bn in investment projects and maintains a portfolio of advisory operations worth $24m. The IFC's support to the private sector in Egypt focuses on areas such as financial technology, climate finance, manufacturing, infrastructure projects, renewable energy, healthcare, and gender equality.
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