11 hours ago
Egypt to see investments pour in once reforms implemented
CAIRO, June 16 (MENA) - Managing Director of the International Finance Corporation (IFC), the private sector arm of the World Bank Group, Makhtar Diop stressed that now is an ideal time for reforms in Egypt.
"Now is an ideal time for reforms in Egypt. The world is looking at Egypt due to its stability and market trust," Diop told Ahram Online in an interview on the margins of the "Development Finance for Private Sector Empowerment: Economic Growth and Employment" conference, organized by the Ministry of Planning on Monday.
"Once reforms aimed at simplifying processes and creating a level playing field are implemented, investments are expected to pour in," Diop added, noting that the IFC is committed to supporting Egypt's efforts towards a decisive transition to private sector-led economy.
Asserting the IFC's support for Egypt's efforts in the Micro, Small, and Medium Enterprises (MSMEs) sector, Diop said this support is largely through banking solutions such as providing special credit lines.
'The IFC is now working with non-banking financial institutions to reach more MSMEs and provide easier access to finance, which is a new direction in their strategy,' he said.
'Since 2020, IFC has committed more than $850 million to MSMEs in Egypt through both financial and non-financial banking institutions, including equity. It focused on those led by women, helping them build businesses that foster innovation and strengthen communities,' Diop added.
As for the tourism industry, Diop said this sector is poised to play a crucial role in Egypt's economic recovery, offering substantial potential for diversification and growth.
'Egypt can tap into new visitor demographics by broadening its attractions to include cultural and health tourism and creating more sustainable revenue streams,' he added.
"The IFC is actively engaging with tourism projects to upgrade infrastructure and implement sustainable practices, such as the EDGE Advanced Green Building Certification for the Grand Egyptian Museum,' Diop said.
Diop also emphasized the IFC's keenness to empower Egyptian firms to leverage their capabilities and expand their operations across the continent, particularly in the construction and infrastructure sectors.
'By building capacity and instilling best practices, we can position Egyptian companies to engage successfully in pan-African projects,' Diop said.
'This not only bolsters their growth prospects but also fosters regional collaboration and integration, ultimately advancing economic development across Africa,' he added.
'By facilitating partnerships and knowledge transfer, the IFC aims to create a robust ecosystem where Egyptian enterprises can thrive and contribute to the collective growth and prosperity of the continent," he noted.
As for the healthcare industry, Diop said Egypt holds immense potential for growth, highlighting IFC plans to enhance collaboration with private healthcare providers to improve service delivery, accessibility, and affordability.
'We support investments in health infrastructure, medical technology, and healthcare professionals' training,' Diop said. (MENA)
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