Rania A. Al-Mashat, Minister of Planning, Economic Development & International Cooperation, met with Sérgio Pimenta, Vice President of the International Finance Corporation (IFC) for Africa, during his official visit to Egypt.
The meeting took place at the ministry’s headquarters in the New Administrative Capital and was attended by Cheikh Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa, as well as senior officials from the corporation.
At the beginning of the meeting, Al-Mashat welcomed Mr. Pimenta, emphasizing the deep and robust partnership with the IFC, the largest international multilateral institution focused on empowering and financing the private sector in emerging markets.
She highlighted the vital role of this partnership in strengthening macroeconomic stability through the empowerment of the private sector.
The minister underscored the significance of this visit, as it signifies the IFC investment of approximately $600 million in three major Egyptian private sector companies in key sectors.
This investment aims to promote green transformation, climate action, sustainability, and the development of small and medium enterprises. H.E. noted that these investments unleash the potential of the private sector and boost its involvement in development efforts.
Al-Mashat 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.”
The minister highlighted the importance of leveraging international partnerships with multilateral and bilateral development partners as a key gateway to enable the Egyptian private sector to benefit from development financing and innovative financial tools, such as blended finance.
She emphasized that the World Bank’s ongoing development initiatives, including the unified guarantees platform, will create new horiazons for private sector companies to diversify their financing sources and expand investments.
The minister emphasized that the Ministry of Planning and Economic Development and International Cooperation is working through the “Framework for Sustainability & Financing for Economic Development” to integrate domestic and foreign financing in order to accelerate development, drive sustainable economic growth, and promote evidence-based economic development policies.
The two sides also discussed developments in the strategic partnership with the IFC under the umbrella of the Country Partnership Framework with the World Bank Group until 2027, as well as the IFC’s role as a strategic advisor to the Egyptian government in the Government Privatization Program. They also reviewed ongoing cooperation in renewable energy, healthcare development, and other sectors.
Since its establishment in Egypt in 1975, the IFC has invested and mobilized about $9 billion in investment projects and has a portfolio of advisory operations worth $24 million.
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, gender equality, among others.