IFC is currently working with Egypt to prepare companies for the second phase of the IPO program, stressing that the institution can invest in the government IPO program and there is no conflict of interest
International Finance Corporation’s (IFC) Regional Vice President for Africa Sérgio Pimenta said that IFC is looking to issue its first EGP-denominated bonds in 2024.
IFC is currently working with Egypt to prepare companies for the second phase of the IPO program, stressing that the institution can invest in the government IPO program and there is no conflict of interest, Pimenta said in statements to CNBC Arabia.
Earlier in August 2023, The Egyptian Cabinet approved the Ministry of Finance’s proposed letter to IFC issue bonds in Egyptian pounds in foreign markets.
The IFC’s issuance of bonds in the local currency will benefit Egypt through increasing in IFC’s investment portfolio in Egypt, and the availability of additional sources in foreign currency. In addition to expanding the range of financing solutions in the local currency offered and diversifying and encouraging the financing sources available to the private sector in Egypt.
