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IFC's $15 m loan to Egypt to be mostly in local currency for 1st time

The International Finance Corporation (IFC) announced on Wednesday extending a loan valued $ 15 million - mostly in Egyptian pound - to support the construction sector in Egypt.

This is the first time for the IFC to offer the loan in the Egyptian pound.

The loan is meant to contribute to doubling the annual production of chemical materials used in decorative paints.

 IFC Regional Director in the Middle East and North Africa Mouayed Makhlouf said developing the Egyptian construction sector is one of the main catalysts for realizing economic growth.

He said financing in local currencies is a trend which the IFC plans to expand in the future, considering this as vital for sustainable private sector investments in Egypt.

This falls within the framework of the IFC's efforts to buttress the private sector's role in the economic growth in Egypt, he said.

Over the past 10  years, the IFC invested about  $ 3 billion in the private sector in Egypt and plans to invest about $1.5 billion in the current fiscal year, he added.

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