IFC to Inject $2 Billion in Egypt’s Private Sector
IFC to Inject $2 Billion in Egypt’s Private Sector

IFC to Inject $2 Billion in Egypt’s Private Sector

IFC to Inject $2 Billion in Egypt’s Private Sector

International Finance Corporation, a member of the World Bank Group, is committed to fund the Egyptian private sector with $2 billion by 2019, a value that can be increased for entrepreneurship and small and medium enterprises, CEO of IFC Philippe Le Houerou said.
This was decided during his meeting with Egyptian Minister of Investment and Foreign Cooperation Sahar Nasr in Washington, in the presence of Egypt’s executive director for the World Bank Ragui el-Etreby, MENA reported.
Houerou explained that his organization is keen to support the participation of the private sector in the field of renewable energy in Egypt, and provide technical support on the implementation of public-private partnership in this sector.
He further stressed the commitment of the foundation to support the private sector in order to contribute to the provision of employment opportunities for young people.
It is worth mentioning that Egypt was chosen by the foundation as a model for its investments in the Middle East and Africa.
He expressed his confidence in the Egyptian economy’s progress and the government’s economic and social program, pointing out that Egypt is among the top choices for the International Finance Corporation.
For her part, the Egyptian minister stated that the cooperation portfolio between IFC and Egypt reached $1.8 billion from 2014 to 2018 through investing in the sectors of energy, infrastructure, banks, oil, tourism, health and industry.
Nasr emphasized the Egyptian efforts to boost the African development through her meeting with the African group of the bank, pointing out that the country focuses on youth, infrastructure, and human capital as essentials for progress to guarantee a better future for the continent.
Meanwhile, IFC announced in April that its investments to support Egypt’s private sector recorded around $1 billion during 2017/2018, aiming to boost the Egyptian economy.

Short URL : https://goo.gl/9R2Tym
  1. https://goo.gl/Rn2kPQ
  • https://goo.gl/JMXWmC
  • https://goo.gl/sVeub2
  • https://goo.gl/cMVo7v
  • https://goo.gl/5wHaV9

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Add new comment

Read our comment policy before posting your viewpoints