IFC exits Egypt’s AlexBank citing completion of objectives

IFC exits Egypt’s AlexBank citing completion of objectives

The International Finance Institution Corporation (IFC) announced, on Wednesday, that is has exited from the Bank of Alexandria (AlexBank). “The IFC has exited AlexBank as our capacity as an equity investor to support the post-privatisation and facilitate the expansion of the bank is complete,” said Walid Labadi, IFC Country Manager in Egypt, “We invested in the bank back in 2009, and today it owns one of the most diversified private sector branch networks with a wide presence across Egypt.”He added, “It is actively serving SMEs [small- and medium-sized enterprises], which is particularly important in times like the novel coronavirus (COVID-19) when many smaller companies are suffering from a liquidity crunch.”Labadi added that IFC's exit is designed to revolve the organisation's capital, and to use it for similar investments which have