Recent news brings us to talk about the meeting between the Egyptian Minister of International Cooperation and Governor of Egypt at the World Bank, Rania al-Mashat, and the Vice President of the International Finance Corporation (IFC) for the Africa, Sergio Pimenta, who is currently visiting Egypt.
This meeting provided an opportunity to take stock of the joint cooperation portfolio with the IFC and ongoing measures aimed at strengthening private sector participation and encouraging investments. Cheick Oumar Sylla, Regional Director for North Africa and the Horn of Africa, as well as Olayinka Lawson, Advisor to the IFC Vice President for Africa, were also present.
Al-Mashat expressed his government’s appreciation for the joint work carried out with the IFC, a branch of the World Bank dedicated to financing the private sector. She stressed the importance of partnerships and efforts in line with the state’s priorities aimed at increasing the participation of the private sector in Egypt’s development.
She also highlighted that this close partnership is reflected in the volume of IFC investments exceeding seven billion dollars since the start of its activity in Egypt.
She explained that over the past four years, the IFC’s total investment portfolio stood at approximately $2.46 billion, including an ongoing portfolio worth $1.7 billion for several companies, as well as a technical cooperation portfolio.
A technical support program worth $34 million is also in place with the IFC, in priority areas such as the financial sector, fintech, climate finance, manufacturing, infrastructure and energy renewable energy, health care and gender equality.
Al-Mashat highlighted the importance of the upcoming joint cooperation, especially in the context of the implementation of the consulting services agreement between the IFC and the government to implement the introduction program in state scholarship signed last June.
This is part of Egypt’s effort to foster more partnerships with the private sector.
The IFC acts as a strategic advisor to the government for the implementation of the state’s IPO program and has presented an initial plan for its realization.
This plan includes the technical and financial aspects of offering certain companies in many sectors proposed as the first stage of the IPO program.
This meeting demonstrates the importance Egypt attaches to cooperation with the IFC to support the country’s economic development. The investments made and planned as well as the strengthened partnerships between the public and private sectors should stimulate economic growth and contribute to job creation. This close collaboration underlines Egypt’s commitment to a more dynamic and competitive economy.
This article illustrates the importance of public-private partnerships in the economic development of a country. Egypt, working hand in hand with the IFC, seeks to encourage private investment and stimulate economic growth. This collaboration demonstrates the country’s commitment to creating a business-friendly environment and attracting foreign investment. Egypt is resolutely committed to the path of economic development and wishes to strengthen its position on the international scene through strong partnerships and ambitious economic reforms.