Latest news with #MakhtarDiop
Zawya
23-04-2025
- Business
- Zawya
IFC's investment portfolio in Egypt reaches $2.4bln until March
The International Finance Corporation's (IFC) investment portfolio in Egypt stands at nearly $2.4 billion as of March 2025, in addition to a technical support and advisory portfolio worth $25.7 million, as per an official statement. During her meeting with Makhtar Diop, President of IFC, Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, highlighted that this portfolio is distributed across the financial markets, agribusiness, health, education, manufacturing, tourism, retail, construction, and infrastructure sectors. The two sides discussed developments in implementing various joint work projects to enhance private sector participation in development efforts, stimulate the investment environment, and support the government's efforts in implementing the State Ownership Policy Document. Al-Mashat affirmed the government's efforts to transform the Egyptian economy toward private-sector-led growth based on tradable sectors. The state is also expanding the private sector by regulating its participation in various economic activities, developing the legislative and regulatory environment, facilitating licensing, and digitizing services provided to investors. This is in addition to encouraging public-private partnership (PPP) models in the fields of infrastructure, energy, transportation, education, and healthcare. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
10-04-2025
- Business
- Arab News
World Bank investment arm commits $300 million loan to Pakistan's Reko Diq mining project
KARACHI: The World Bank's private investment arm, the International Finance Corporation (IFC), will extend $300 million in debt financing for Pakistan's Reko Diq copper and gold mining project, according to an IFC project disclosure published on Wednesday. Reko Diq, located in Pakistan's southwestern Balochistan province, is among the world's largest undeveloped copper and gold reserves. Once operational, it is expected to significantly boost Pakistan's exports, generate substantial tax and royalty revenues and contribute to economic growth and job creation. IFC said its involvement will mitigate project risks in the restive Balochistan region and support sustainable mining practices. 'The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,' IFC announced while sharing a summary of its investment. 'IFC's proposed investment consists of an A-loan of up to $300 million,' it added. 'Other parallel lenders will provide the remaining debt financing.' An A-loan is a direct loan provided by the IFC from its own funds, typically with long-term repayments. It is a form of debt financing, requiring the borrower to repay the loan with interest, unlike equity financing where the investor takes ownership stakes in the project. The Reko Diq project is being supported by IFC's technical and financial expertise. The institution will act as Environmental and Social (E&S) coordinator, ensuring adherence to its performance standards and helping implement best practices in sustainability. IFC will also provide advisory support on mining operations, transport infrastructure and risk mitigation. According to the investment summary document, the project will strengthen domestic supply chains and contribute to community development in Balochistan. It is also expected to deepen domestic market integration by linking Balochistan to national and global markets and encouraging further investment in Pakistan's mineral sector. The IFC has actively engaged with Pakistan recently through several high-level visits and financial commitments. Earlier this year, its Managing Director Makhtar Diop visited the country in February and met with public and private sector stakeholders to expand IFC's investment footprint and reaffirm its commitment to sustainable and inclusive growth. Subsequently, the IFC announced plans to significantly increase its investment in Pakistan, with a target of up to $2 billion annually over the next decade, potentially amounting to $20 billion. The initiative aligns with the World Bank's Country Partnership Framework, which envisions a combined investment of around $40 billion in Pakistan over ten years. With input from Reuters
Express Tribune
16-02-2025
- Business
- Express Tribune
IFC mulls $2b equity investment for a decade
ISLAMABAD: International Finance Corporation's Chief Makhtar Diop has said that the IFC is increasing equity investments and eyeing large-scale infrastructure financing in Pakistan, in an investment plan that could unlock $2 billion annually over a decade. "Between now and maybe October, we will be able to progress enough on a couple of transactions that will signal that this is a country ready to receive large-scale financing for critical and important infrastructure," Makhtar Diop, the corporation's managing director told Reuters during his visit to Pakistan. The International Finance Corporation chief's maiden visit to Pakistan follows the World Bank's plans to allocate up to $20 billion for Pakistan under a Country Partnership Framework announced in January, with the IFC (the World Bank's private investment arm) also slotted to invest the same amount. Diop said a $2 billion annual investment "is not a large number" for Pakistan, which needs infrastructure development in international airports, energy, water and ports. According to Reuters, the IFC had an exposure of $2.1 billion in Pakistan during the fiscal year 2024, ending in June, marking its record investment in the South Asian country's $350 billion economy. Diop said the IFC is looking into agriculture, infrastructure, the "very important" financial sector, and the digital sector. Diop said equity-based transactions were to be expected in Pakistan, too. "Debt will still be a very important part in our business, but our equity will increase in the world, but also in Pakistan. It means we are believing really in Pakistan because we can take equity for a long, long time," he said.
Arab News
15-02-2025
- Business
- Arab News
IFC chief says it is doubling down on Pakistan, eyeing large infrastructure financing
ISLAMABAD: The World Bank's private investment arm is increasing equity investments and eyeing large-scale infrastructure financing in Pakistan, in an investment plan that could unlock $2 billion annually over a decade, the institution's chief told Reuters on Friday. International Finance Corporation chief Makhtar Diop's maiden visit to Pakistan follows the World Bank's plans to allocate up to $20 billion for Pakistan under a Country Partnership Framework announced in January, with the IFC also slotted to invest the same amount. 'Between now and maybe October we will be able to progress enough on a couple of transactions that will signal that this is a country ready to receive large-scale financing for critical and important infrastructure,' said Makhtar Diop, the corporation's managing director. Diop said a $2 billion annual investment 'is not a large number' for Pakistan, which needs infrastructure development in international airports, energy, water and ports. Cash-strapped Pakistan is currently under a $7 billion International Monetary Fund bailout program and navigating a tricky path to recovery. The South Asian nation narrowly averted a sovereign debt default, with reserves not sufficient enough to meet a month's worth of controlled imports. The IFC had an exposure of $2.1 billion in Pakistan during the fiscal year 2024, ending in June, marking its record investment in the South Asian country's $350 billion economy. Pakistan's economy grew by a meagre 0.92 percent in the first quarter of the fiscal year. Diop said the IFC is looking into agriculture, infrastructure, the 'very important' financial sector, and the digital sector. Pakistan is looking to generate revenue by speeding up a privatization push, but efforts to privatise the national flag carrier, Pakistan International Airlines, and outsource the capital's airport have fallen flat. In line with the IFC's global push, Diop said equity-based transactions were to be expected in Pakistan too. 'Debt will still be a very important part in our business, but our equity will increase in the world, but also in Pakistan. It means we are believing really in Pakistan because we can take equity for a long, long time,' he said.
Express Tribune
14-02-2025
- Business
- Express Tribune
IFC to boost investment in Pakistan, unlocking $2b annually for infrastructure
Listen to article The International Finance Corporation (IFC), the private investment arm of the World Bank, is increasing equity investments and focusing on large-scale infrastructure financing in Pakistan. According to IFC Chief Makhtar Diop, the investment plan could unlock up to $2 billion annually over the next decade. Diop's visit to Pakistan follows the World Bank's announcement of a $20 billion Country Partnership Framework for the country, with the IFC matching this allocation. Diop emphasized that the $2 billion annual investment is not significant for Pakistan, which needs extensive infrastructure development in sectors like energy, water, ports, and international airports. He expressed confidence that within a few months, progress on key projects will signal Pakistan's readiness to receive large-scale financing for critical infrastructure. Pakistan, currently under a $7 billion bailout program from the International Monetary Fund (IMF), is navigating a challenging economic recovery. The country narrowly avoided a sovereign debt default, with its reserves insufficient to cover even a month's worth of imports. The IFC's exposure in Pakistan reached a record $2.1 billion for the fiscal year 2024. Diop highlighted the IFC's interest in sectors like agriculture, infrastructure, finance, and digital industries in Pakistan. Additionally, Diop noted that equity-based transactions will play a larger role in the country's development, as the IFC increases its equity investments globally, including in Pakistan.
