House of Representatives approved Egypt’s subscription to the capital increase of the IFC, which is part of the World Bank Group. Egypt’s contribution will be 28,940 shares, equivalent to $28.9 million, according to a statement released by Ministry of Planning, Economic Development, and International Cooperation.

Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, highlighted that Egypt is a founding member of the World Bank Group and its subsidiaries, including the IFC, which specializes in financing the private sector in developing and emerging economies.

 She noted that the capital increase would enable the IFC to expand its financing to private sector companies.

The International Finance Corporation (IFC) has invested over $9 billion in Egypt, with its current portfolio standing at approximately $2.3 billion, distributed across sectors such as trade finance, the financial sector, healthcare, education, industry, agribusiness, tourism, retail, and other priority areas.

Meanwhile, its advisory and technical support portfolio amounts to around $24.8 million, according to a statement by the Ministry of Planning and Economic Development and International Cooperation.

This move comes within the framework of Egypt’s close historical relationship with the World Bank Group, as one of its founding countries, and strengthens its role in supporting the IFC’s mission as one of the largest multilateral finance institutions aiding the private sector in emerging and developing economies.

Al-Mashat highlighted the IFC’s key role in fostering public-private partnerships and boosting private sector involvement in priority areas through technical support and investment.

This includes the comprehensive health insurance program and advisory services for water desalination projects. She also mentioned the IFC’s investments in the Benban solar energy project and support for NWFE green projects program, which contribute to job creation, employment, and financial inclusion in Egypt.