Minister of International Cooperation and Governor of Egypt at the World Bank Group, Rania A. Al-Mashat, announced that the International Finance Corporation's (IFC) investments in Egypt have exceeded $7 billion since the initiation of its operations in the country.
Al-Mashat further highlighted that in the past four years alone, the IFC's total investment portfolio has reached approximately $2.46 billion. This includes an ongoing portfolio valued at $1.7 billion and a technical support portfolio of $34 million. The technical support is directed towards high-priority areas such as the financial sector, fintech, climate finance, manufacturing, infrastructure and renewable energy, healthcare, and gender equality.
These remarks were made during a meeting between Al-Mashat and Sérgio Pimenta, the Regional Vice President of the IFC for Africa, who visited Egypt this week.
The discussions during the meeting focused on monitoring the joint cooperation portfolio with the institution and ongoing measures to enhance private sector participation and encourage investments. The meeting was attended by IFC’s Regional Director for North Africa and the Horn of Africa, Cheick Oumar Sylla, and IFC’s Vice President Advisor for Africa, Olayinka Charles Lawson.
Al-Mashat expressed the government's appreciation for the collaborative efforts with the IFC and emphasized the importance of partnerships aligned with the government's vision and priorities to increase private sector involvement across various sectors of development.
Highlighting the upcoming period of joint cooperation, especially in the context of the advisory services agreement between the IFC and the government, Al-Mashat emphasized the government's commitment to providing opportunities for more partnerships with the private sector.
The IFC has been appointed as a strategic advisor to the government for the implementation of the government IPO program. The IFC presented an initial plan covering technical and financial aspects for offering shares of some companies in proposed sectors. This is part of the first phase of the IPO program, aligning with the new country partnership framework with the World Bank Group for 2023-2027. The partnership aims to empower the private sector, create job opportunities, and enhance competitiveness to achieve a comprehensive, sustainable, and flexible economy.
Al-Mashat noted the ongoing efforts of development partners, with the World Bank conducting a new study to evaluate the situation of foreign direct investment in Egypt. Additionally, preparations are underway for the national strategy for industry, both of which are crucial for the state's goal of attracting more foreign direct investments and localizing industry across various sectors.