Al-Mashat : IFC Plans to Double Investments in Egypt

Egyptian Minister of International Cooperation Dr. Rania Al-Mashat said that the International Finance Corporation (IFC) aims to double its investments in the private sector in the country during the coming period.

It is worth noting that Egypt signed an agreement with the IFC last Sunday, according to which the Corporation will provide support and technical advice for the program to offer government companies on the stock exchange, and help in structuring and preparing companies targeted for offering to the private sector.

The statement said that by the end of May 2023, the current portfolio of the IFC in Egypt recorded about $1.4 billion, of which infrastructure and renewable energy projects account for 36 percent, followed by manufacturing with 20 percent, then agricultural business and financial services with 15 percent each.

The value of available allocations from the World Bank Group to implement the strategic partnership framework with Egypt amounts to $7 billion, at a rate of one billion dollars annually from the International Bank for Reconstruction and Development over the next five years to come.