IFC intends to finance Egypt’s private sector by over 1B in 2024 – Egypt Today

IFC intends to finance Egypt’s private sector by over 1B in 2024 – Egypt Today

CAIRO – 12 May 2024: The Vice President of the International Finance Corporation (IFC), Sergio Pimenta, announced that the IFC intends to provide financing of over $1 billion to Egypt's private sector, according to a report by Asharq Bloomberg.

 

This financial support will encompass various sectors, including banking, financial firms, healthcare, education, and manufacturing projects.

Pimenta's visit to Egypt, scheduled from May 11 to 13, is aimed at highlighting the IFC's commitment to bolstering private sector participation in the country's economy and supporting its development goals.

 

 As part of his visit, Pimenta met with Egypt's Prime Minister, Mostafa Madbouly, following the opening session of the IFC Day in Egypt.

Prime Minister Madbouly expressed the Egyptian government's commitment to divesting from government-owned companies in specific sectors, emphasizing ongoing discussions with the IFC as evidence of this commitment. 

 

The objective is to increase the private sector's contribution to the state's total investments to 65 percent.

 

Furthermore, the Minister of International Cooperation (MoIC), Rania Al-Mashat, revealed that the IFC has invested $9 billion in Egypt's private sector since its inception in the country. 

 

Notably, the IFC's investments between 2020 and 2023 amounted to $2.5 billion, with an additional $900 million invested from June 2023 to May 2024.

 

IFC intends to