Al-Mashat: Partnership with IFC Reflects Importance of Development Co-op Mechanisms in Attracting Investments

Nada Mustafa

The Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG) H.E. Dr. Rania A. Al-Mashat stated that joint relations with the International Finance Corporation (IFC) greatly enhance efforts to empower the private sector, attract investments and provide opportunities to contribute to a greater role in various fields of development, especially green financing and the priority sectors of the state.

H.E. thanked the officials of the IFC in Egypt for their efforts in cooperation with the government and national agencies to support the role, participation and effectiveness of the private sector.

This came during H.E.’s speech at the press conference held at the Cabinet headquarters in the New Administrative Capital. The press conference was held on the occasion of the visit of the Managing Director of the IFC, Makhtar Diop to Egypt to sign an agreement with the government for technical support and consultations as part of the government offerings program.

Al-Mashat added, "We are pleased to sign this agreement, which strengthens the existing partnership with the WBG in light of the Country Partnership Framework (CPF) 2023-2027 as the first agreement since the announcement of the new framework last May. The main focus of the agreement is increasing and improving opportunities for private sector participation by creating a supportive environment for investments led by the private sector, as well as seeking equal opportunities for the private sector, noting that through the new framework and over the coming years, the IFC will work to provide and attract investments to the private sector worth $2 billion.”

H.E. pointed out that the agreement reflects the importance of the pivotal role played by international financing institutions and development cooperation in empowering the private sector and promoting innovative solutions to accelerate the pace of sustainable development to implement Egypt's Vision 2030, highlighting that the agreement reflects the state's belief in the importance of the private sector in promoting comprehensive and sustainable recovery and accelerating the process of adopting environmental, social and governance standards, in a way that maximizes the impact of joint efforts.

In her speech, Al-Mashat shed light on the historical relations between Egypt and the IFC through multilateral cooperation efforts, and the role of this partnership in advancing the participation of the private sector in the development wheel, as the IFC has strengthened efforts to provide and mobilize investments of about $7 billion since its inception, including $1.8 billion in climate finance, such as investing in renewable energy and green bonds, in addition to $95 million in financial technology, stock funds and startups, as well as other sectors.

Al-Mashat also highlighted the importance of this agreement and the role that the IFC shall play in supporting the government asset monitization program through consultations and technical support and developing an integrated plan to implement the program in a way that accelerates its pace and achieves the precisely set goals, pointing out that the government is looking forward to strengthening the extended partnership with the IFC in an attempt to stimulate job opportunities, increase investment in human capital, and stimulate climate action to meet the country's requirements and achieve a comprehensive and sustainable economic recovery.