The Egyptian House of Representatives has approved a $28.9 million contribution to the capital increase of the International Finance Corporation (IFC), a subsidiary of the World Bank Group.
The IFC boosts private sector financing in developing and emerging economies worldwide.
This move strengthens Egypt’s commitment to supporting the IFC.
Minister of Planning, Economic Development, and International Co-operation, Rania Al-Mashat, highlighted Egypt’s significant role within the IFC, emphasising that the capital increase will enable the organisation to provide more funding to private sector companies, which are key drivers of Egypt’s economic growth.
Al-Mashat has noted that the move aligns with the state’s efforts to encourage private sector participation and investment, especially in priority sectors that promote sustainable and inclusive growth.
The minister also pointed to the ongoing collaboration with the IFC in supporting projects such as the Benban solar power plant and initiatives under the Egypt’s Nexus of Water, Food and Energy (NWFE) programme, which focuses on green transformation and job creation.
Egypt’s partnership with the IFC extends across various sectors, including health, education, finance, and agriculture.
The IFC’s investments in Egypt exceed $9 billion, with a current portfolio of $2.3 billion supporting trade finance, industry, tourism, and more.
Additionally, the IMF provides technical support and consulting services, valued at $24.8 million, to expand the role of the private sector.
Al-Mashat has said that the government’s initiatives, to create a competitive economy and attract private investment, will further strengthen co-operation with the IFC, benefiting both local companies and the broader economy.
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