Egypt’s Minister of International Co-operation Rania al-Mashat on Monday met with Cheick-Oumar Sylla, who is International Financial Corporation (IFC) regional director for North Africa for talks on joint work with development partners.
The aim is to stimulate private sector participation in development to implement Egypt’s Vision 2030.
The minister referred to efforts in co-operation with the IFC to provide financial facilities to Egyptian companies and banks to broaden the base of private sector involvement in development.
Al-Mashat also spoke of the importance of further co-operation with the IFC to develop small-, medium- and micro-enterprises.
The government will co-operate with regional and international financial institutions to fund developmental projects nationwide, al-Mashat added.
The government is benefiting from all the financing programmes of IFC for the development of small- and medium-scale enterprises and in industrial, energy and agricultural projects and trade promotion, she said.
In 2020, Egypt launched its first sovereign green bond offering, which was five times oversubscribed, al-Mashat said.
For his part, IFC Regional Director for West and Central Africa, Aliou Maiga said the corporation is ready to for further co-operation in order to provide the private sector more financing mechanisms.
In 2021, the IFC invested $100m in Egypt’s first private sector green bond issuance to help unlock finance for climate-smart projects, reduce greenhouse gas emissions, and support the country’s transition to a greener economy.
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