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Egypt one of leading programs in IFC regional development plans: IFC & MOIC

The IFC has provided financing worth $4 billion to Egypt during the past decade, stated Minister of International Cooperation Rania Al-Mashat

By: Business Today Egypt

Thu, May. 6, 2021

Egypt’s private sector received development funds of around $421 million from the International Finance Corporation (IFC) last year, enhancing the private sector’s engagement in development efforts.

The IFC has provided financing worth $4 billion to Egypt during the past decade, stated Minister of International Cooperation Rania Al-Mashat.

These have gone towards supporting the efforts undertaken by the private sector in various development projects.

The projects’ progress, funded by the financing, strengthened Egypt’s abilities to withstand the effects of the pandemic, and see positive growth.

Al-Mashat’s meeting with Mokhtar Diop, Managing Director of the International Finance Corporation (IFC), focused on discussions for ongoing partnerships, future projects, and ways to enhance the IFC’s role in supporting Egypt’s private sector.

The minister congratulated Diop for his recent appointment as the IFC’s Managing Director in March 2021. “IFC has been quite important for Egypt’s development story, our relationship shows in the magnitude and the importance of the shared portfolio,” the minister said.

“We aim to expand our cooperation and take it to the next level by focusing on the development opportunities in Egypt, in light of the structure reform plans discussed by the Government of Egypt. We will focus on the development of the African continent, and Egypt shall be one of the leading programs in the IFC regional development plans,” said Diop.

The meeting took place in the presence of many global figures including the IFC’s Vice President for Middle East and Africa, Sérgio Pimenta; World Bank Group’s Country Director for Egypt, Marina Wes; IFC’s Country Manager for Egypt, Yemen and Libya, Walid Labadi; and Executive Director and Dean of the Board of Executive Directors of the World Bank Group, Dr. Merza Hasan, according to a statement on Wednesday.

Minister Al-Mashat added that 2021 will be the year for strengthening participation with the private sector in light of the national development agenda. This will take place through joint cooperation platforms that bring together relevant parties from international financing institutions and the private sector. 

“The private sector is involved in major development projects in Egypt, with the needed knowledge to help transmit the sustainable development plan to neighboring countries. We should encourage peer-exchange, to boost the African continent and advance the region’s sustainable agenda,” added Al-Mashat.

Al-Mashat added that in light of the green recovery, the Ministry has been introducing blended finance structures in order to lure the private capital in purpose-driven projects, in order to support Egypt’s Vision 2030 and to push for the 17 UN SDGs.

Diop shed light on the strategic importance of Egypt within the region, explaining that Egypt has become a regional hub for sustainable development projects.

Al-Mashat elaborated that with the development portfolio the country shares with the various development partners, the Egyptian private sector has become skilled and knowledgeable in the sustainable field across various sectors; leading to a potential regional collaboration where Egypt shares its experience in sustainable development cross-borders with neighboring countries.