17 hours ago
El-Sisi, IFC discuss boosting investment flows, financing Egypt private sector
President Abdel-Fattah El-Sisi and the International Finance Corporation (IFC) discussed on Sunday boosting investment flows into Egypt and financing the private sector at competitive rates to reduce costs.
The president's remarks came during a meeting with IFC Managing Director Makhtar Diop and IFC Vice President Ethiopis Tafara in the presence of Egyptian Minister of Planning Rania Al-Mashat, Presidential Spokesperson Ambassador Mohamed El-Shennawy said.
During the meeting, President El-Sisi praised the IFC's cooperation with Egypt over the past years.
He also highlighted Egypt's keenness to continue this cooperation, especially amid the current regional circumstances that impose significant challenges on development programmes, El-Shennawy added.
Moreover, El-Sisi noted that Egypt is adopting structural and economic policies and reforms that support financial and economic stability.
"Egypt targets increasing the private sector's role in economic activity and development and is working to enhance private sector confidence in the economy through various tax and customs incentives," the president stressed.
President El-Sisi highlighted the government's initiatives to increase exports, develop productive and service activities, and expand public-private partnership (PPP) projects, the spokesperson noted.
According to El-Shennawy, the IFC managing director also affirmed the corporation's commitment to fruitful cooperation with Egypt.
He praised the economic reform steps taken by Egypt to enhance investor confidence and the investment climate.
Furthermore, Diop affirmed the continuation of joint programmes between the two sides to strengthen cooperation and support the Egyptian economy's competitiveness.
The IFC, established in 1956, is the private-sector arm of the World Bank Group. It is tasked with advancing economic development by investing in projects, providing asset management services, and encouraging investments in less developed countries.
In 2024, the IFC announced a $150 million commitment to four investment and advisory projects in Egypt, including an advisory programme with Egypt's Universal Healthcare Insurance Authority (UHIA), a local currency swap agreement with Banque Misr, and a $100 million investment in Banque du Caire.
The commitment also included an equity investment of up to $30 million and a $20 million co-investment envelope into SPE PEF III, a private equity fund managed by SPE Capital, to support mid-cap companies in Egypt, North Africa, and sub-Saharan Africa.
The IFC is also working with the Egyptian government to provide advisory services on introducing public-private partnerships at 11 airports to improve infrastructure, connectivity, and passenger services in the country's airport sector.
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