International Finance Corporation to fund Egypt’s private sector with $2 bn by 2019
By Hend El-Behary / Egypt Independent
The International Finance Corporation (IFC) is committed to financially support Egypt’s private sector with a $2 billion fund by 2019, a value which might increase to fund entrepreneurship and small and medium enterprises (SMEs), announced the CEO of the IFC, Philippe Le Houerou.
This fund comes as part of the partnership signed between Egypt and the World Bank Group, as the IFC is a member of the group. Houerou’s statement was released during his meeting with Egypt’s Minister of Investment and International Cooperation, Sahar Nasr, during her visit to Washington DC.
He expressed confidence in the Egyptian economy and the government’s economic and social program, pointing out that Egypt is a country of ‘top priority’ for the IFC.
Houerou expressed the IFC’s keenness to support the private sector’s involvment in the field of renewable energy in Egypt, and to provide technical support on implementing public-private partnership in this sector. Egypt has been chosen by the IFC as a model for its investments in the Middle East and Africa, stressing the IFC’s commitment to support the private sector in order to contribute in providing job opportunities to youth.
Meanwhile, Nasr is looking forward to more cooperation with the IFC to fund the private sector in the fields of energy, telecommunications, transport and entrepreneurship.
The cooperation portfolio with the IFC in the period from 2008 to 2014 reached $1.8 billion through investing projects in the sectors of energy, infrastructure, banking, petroleum, tourism, health and industry.