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27 August 12:00 AM

IFC investments to support private sector in Egypt approaches $ 1bn

The International Finance Corporation(IFC), a member of the World Bank Group, announced Sunday that its investments to prop up Egypt’s private sector stood at about $1 billion during the current fiscal year, according to an IFC statement. 

The IFC accentuated  that the aggressive economic reforms carried out by the Egyptian government were the catalyst for the international organizaton's  commitment to promote the Egyptian economy.

During the World Bank Group and International Monetary Fund Spring Meetings, IFC's Chief Business Officer Stephanie von Friedberg had talks with Egypt's delegation under Minister of Investment and International Cooperation Sahar Nasr on means of promoting the private sector's role in the economic development process. 

Friedberg said that Egypt implemented drastic economic reforms that brought Egypt back to the investors' interest circle. 

Reforms in the energy sector, in particular, have largely contributed to luring a number of first-time investors and financiers to the country, she said. 

She urged Egypt to proceed with the reforms in order to open up more sectors to private investment, which is vital to improve economic growth. 

She added that Egypt is one of IFC's largest investment portfolios in the Middle East and North Africa region, with investments of $2.9 billion from 2006 until 2017. 

The IFC's investments are meant to back the private sector in Egypt, generate jobs and promote economic growth. 

The IFC’s investment portfolio includes financial markets, infrastructure, oil and gas, agribusiness, manufacturing, and healthcare in 2018. 

IFC had allocated $653 million to building 13 solar power plants in Aswan. 

It also extended a $100 million loan to help one of Egypt's leading banks to scale up the lending operations to customers.

It also provided $150 million in Islamic financing to Almarai, a dairy company, to help in boosting the country's food sector. 

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