International Finance Corporation (IFC) is sharpening its focus on job creation across Africa and Egypt, with investments centered on energy, infrastructure, tourism, agribusiness, and SME financing, according to IFC Regional Vice President for Africa Ethiopis Tafara.

Speaking at a conference marking 50 years of IFC’s partnership with Egypt, titled “Fifty Years of Impact, in Partnership with Egypt,” Tafara said job creation has become the institution’s “North Star” amid mounting demographic pressures across developing economies.

He noted that around 1.3 million young Egyptians enter the labor market every year, while the economy currently generates roughly 600,000 jobs annually, highlighting the urgency of expanding private sector-led growth.

Tafara said IFC and the wider World Bank Group are prioritizing sectors that both enable and directly create employment opportunities, including energy, transport and logistics, digital infrastructure, agriculture, tourism, manufacturing, and small and medium-sized enterprises.

“Without power, without energy, there is no development,” he said, stressing the importance of ensuring reliable electricity supplies not only for households but also for industry.

He added that transport, logistics, and digital infrastructure are critical to connecting businesses and people to markets, while agriculture represents a major untapped opportunity despite Africa importing nearly 80% to 85% of its food consumption.

Tafara also highlighted the financing gap facing SMEs, noting that only around 25% of small businesses in Africa and Egypt have access to financing, despite the sector accounting for up to 90% of jobs in most economies.

Tourism was identified as another key pillar of IFC’s strategy in Egypt. Tafara said Egypt receives between 18 million and 20 million visitors annually despite its significant cultural and geographic assets, compared with around 64 million to 65 million annual visitors in cities such as Paris, London, and New York.

“Every dollar invested in tourism creates more jobs than a dollar invested in any other sector,” he said.

Reviewing IFC’s history in Egypt, Tafara said the institution made its first investment in the country in 1976 through a $5 million ceramics factory outside Cairo. Since then, IFC has invested more than $10 billion across nearly 300 projects.

He pointed to several flagship investments, including support for the Benban Solar Park, the Damietta Alliance Container Terminal, tourism developments in El Gouna, agribusiness projects with Wadi Group, manufacturing investments such as Kandil Steel, and partnerships with Egyptian banks to expand financial inclusion.

Tafara said the institution’s long-term strategy remains centered on supporting sectors capable of generating sustainable employment and driving inclusive economic growth across Egypt and the wider African continent.