IFC to in­vest $1bn to sup­port Egypt’s pri­vate sec­tor this FY

COR­PO­RA­TION’S IN­VEST­MENTS IN EGYPT REACH $2.9BN, IN­CLUD­ING FI­NANC­ING MO­BILISED FROM OTHER IN­VESTORS

The Daily News Egypt - - Front Page - By Shaimaa Al-Aees

The In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC), a mem­ber of the World Bank Group, reaf­firmed to­day its com­mit­ment to Egypt, an­nounc­ing that it is on track to in­vest al­most $1bn to sup­port the coun­try’s pri­vate sec­tor this fis­cal year (FY), as a re­sult of Egypt’s strong eco­nomic re­forms.

The IFC’s Chief Op­er­at­ing Of­fi­cer Stephanie von Friede­burg met with Egypt’s del­e­ga­tion, led by Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion Sa­har Nasr, dur­ing the joint World Bank and IMF Spring Meet­ings this week, to dis­cuss the re­form pro­gramme and fur­ther op­por­tu­ni­ties for pri­vate sec­tor par­tic­i­pa­tion.

“Egypt has made strong eco­nomic re­forms, which are bring­ing the coun­try back to the at­ten­tion of in­vestors,” said von Friede­burg, adding, “re­forms in the en­ergy sec­tor, in par­tic­u­lar, have helped to at­tract a num­ber of first-time in­vestors and fi­nanciers to the coun­try. Con­tin­u­ing re­forms will help open up more sec­tors to pri­vate in­vest­ment, which is vital to boost eco­nomic growth.”

Egypt is among the IFC’s largest in­vest­ment port­fo­lios in the Mid­dle East and North Africa, with in­vest­ments reach­ing $2.9bn, in­clud­ing fi­nanc­ing mo­bilised from other in­vestors, be­tween FY 2006 and 2017.The IFC’s in­vest­ments have been de­signed to sup­port Egypt’s pri­vate sec­tor, cre­ate jobs, and spur growth, all con­sid­ered vital in a coun­try that has strug­gled eco­nom­i­cally in re­cent years. The port­fo­lio is di­ver­si­fied and in­cludes in­vest­ments in fi­nan­cial mar­kets, in­fra­struc­ture, oil and gas, agribusi­ness, man­u­fac­tur­ing, and health­care.

In fis­cal year 2018, the IFC in­vested across sev­eral sec­tors in Egypt, in­clud­ing a land­mark $653m fi­nanc­ing pack­age to sup­port the de­vel­op­ment of 13 so­lar power plants in Up­per Egypt. Also, the IFC pro­vided $100m to help a lead­ing bank scale up its lend­ing to clients and pro­vided a $150m Is­lamic fi­nanc­ing pack­age to Al­maria Co, a dairy pro­ducer, to help boost the coun­try’s food sec­tor.

The IFC’s Chief Op­er­at­ing Of­fi­cer Stephanie von Friede­burg and Egypt’s Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion Sa­har Nasr

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