Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, received Sergio Pimenta, Vice President of the International Finance Corporation for Africa at the Ministry’s headquarters in the New Administrative Capital, as part of the activities of his visit to Egypt, in the presence of Sheikh Omar Sylla, Regional Director for North Africa and the Horn of Africa at the International Finance Corporation, and a number From the organization’s officials.
At the beginning of the meeting, the Minister of Planning, Economic Development and International Cooperation welcomed the Vice President of the International Finance Corporation in Egypt, stressing the depth and strength of the close partnership with the International Finance Corporation, the largest international multilateral institution working to empower and finance the private sector in emerging markets, explaining the vital role of that sector. Partnership in enhancing macroeconomic stability by empowering the private sector.
Al-Mashat stressed the importance of that visit, which witnessed the International Finance Corporation pumping investments worth approximately $600 million to 3 major private sector companies in Egypt and in vital sectors that would enhance green transformation, climate action, sustainability, and the development of small and medium enterprises. These investments unleash the latent potential of the private sector and enhance its participation in development efforts.
Dr. Rania Al-Mashat stressed the importance of these investments, saying: “Our national vision aims to enhance the private sector’s participation in economic activities by building strong partnerships, and the International Finance Corporation has always been a major partner in achieving these goals.
She explained that the new investments announced reflect our joint commitment to achieving comprehensive and sustainable economic growth, along with stimulating climate action, and also confirm the pivotal role of the private sector in achieving a sustainable and more resilient future.
She pointed out that international partnerships with multilateral and bilateral development partners are a major window for the Egyptian private sector to benefit from concessional financing and blended financing tools, explaining that the ongoing efforts to develop the World Bank and launch the unified platform for guarantees would open new horizons for the private sector to diversify sources of financing and increase investments. .
She noted that the Ministry of Planning, Economic Development and International Cooperation seeks, through the “Sustainability and Financing for Economic Development” framework, to achieve integration between local and external financing to accelerate the pace of development, drive sustainable economic growth, and enhance the use of evidence-based economic development policies.
The two sides discussed developments in the strategic partnership axes with the International Finance Corporation, under the umbrella of the Qatari Partnership Framework with the World Bank Group until 2027, as well as the role that the institution plays, as a strategic advisor to the Egyptian government in the government proposals program, in addition to the ongoing cooperation in the field of renewable energy and developing… Health care services, and other fields.
Since the beginning of its work in Egypt in 1975, the Foundation has invested and mobilized about $9 billion in investment projects, and has a portfolio of consulting operations worth $24 million.
IFC’s support to the private sector in Egypt focuses on financial technology, climate action financing, manufacturing industries, infrastructure projects, renewable energy, healthcare, gender equality, and other sectors.
