Egyptian Minister of International Cooperation & Governor of Egypt at the World Bank Group, Rania al-Mashat, met the other day with the Vice President of the International Finance Corporation (IFC) for Africa Sergio Pimenta, who is visiting Egypt.
The meeting followed up on the joint cooperation portfolio with the IFC, and the ongoing measures to enhance private sector participation and encourage investments, held in the presence of Regional Director for North Africa and the Horn of Africa Cheick Oumar Sylla, and the Advisor to the Vice President of the International Finance Corporation for Africa Olayinka Lawson.
Mashat expressed her government’s appreciation for the joint work done with IFC, the arm of the World Bank to finance the private sector, and the importance of partnerships and efforts consistent with the state’s priorities to increase the private sector’s participation in Egypt’s development.
She noted that this close partnership is reflected in the volume of IFC investments exceeding seven billion dollars since beginning its work in Egypt.
Mashat explained that over the past four years, the total investment portfolio of IFC amounted to about US$2.46 billion, including an already ongoing portfolio worth $1.7 billion for several companies, as well as a technical cooperation portfolio.—Egypt Independent
