The International Finance Corporation (IFC) intends to finance Egypt’s private sector by over $1 billion, IFC’s Vice President, Sergio Pimenta, said during a press conference, Asharq Bloomberg reported.

This IFC’s contribution will include financial facilities for banks and financial firms, along with health, education, and manufacturing projects, Pimenta noted.

It is worth noting that the IFC’s Vice President’s visit is scheduled from May 11 to 13 to highlight the IFC’s commitment to continuing to support Egypt’s development goals by strengthening private sector participation in the economy.

Pimenta held a meeting with Egypt’s Prime Minister, Mostafa Madbouly today after the end of the opening session of the IFC Day in Egypt.

During the meeting, Madbouly confirmed that ongoing discussions with the IFC serve as evidence of the Egyptian government's commitment to progress towards divesting from government-owned companies in specific sectors.

This move aims to increase the private sector’s contribution to 65% of the state’s total investments.

Recently, Minister of International Cooperation (MoIC), Rania Al-Mashat, said that the IFC provided Egypt’s private sector with $9 billion as investments since the institution began its work in Egypt, the Minister of International Cooperation (MoIC), during IFC Day in Egypt.

Al-Mashat added that the IFC’s investment during the period from 2020 to 2023 amounted to $2.5 billion.

Additionally, the volume of investments during the period from June 2023 until May 2024 alone amounted to about $900 million.