IFC invests $421M in Egypt’s private sector in 2020 raising overall development financing to $4B

IFC invests $421M in Egypt’s private sector in 2020 raising overall development financing to $4B

IFC logo- Photo courtesy of IFC website

CAIRO – 5 May 2021: International Finance Corporation (IFC) has directed development financing worth $421 million to the private sector in Egypt during 2020, with an overall financing worth $4 billion in Egypt during the past decade, which enhanced the private sector’s engagement in development efforts, Minister of International Cooperation Rania Al-Mashat said.

 

The IFC, which is focused on developing private sector in Egypt, has invested over $4 billion in Egypt over the past decade, despite the COVID-19 pandemic; as Egypt was able to maintain its development progress and to push through the economic challenge achieving a 3.6 percent increase in GDP in 2020, with a projected 2.5 percent increase in 2021, according to the IMF’s 2021 report, “World Economic Outlook: Managing Divergent Recoveries”.

 

The Minister further explained that Egypt was resilient in face of the COVID-19 pandemic and was