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The House of Representatives has approved Egypt’s contribution to the capital increase of the International Finance Corporation (IFC), a key member of the World Bank Group. As part of this initiative, Egypt will subscribe to 28,940 shares, amounting to $28.9 million, as announced by the Ministry of Planning, Economic Development, and International Cooperation.
Egypt’s Minister of Planning, Rania Al-Mashat, emphasized the significance of Egypt’s role as a founding member of the World Bank Group and its subsidiaries, including the IFC. She highlighted that this capital increase will enhance the IFC’s capacity to support private companies, thus bolstering economic development.
The IFC has a notable presence in Egypt, having invested over $9 billion in various sectors. Its active portfolio, valued at $2.3 billion, spans critical areas such as trade finance, healthcare, education, industry, agribusiness, and tourism. Additionally, the advisory and technical support portfolio amounts to $24.8 million, further demonstrating the IFC’s commitment to fostering economic growth in the region.
This capital contribution solidifies Egypt’s long-standing partnership with the World Bank Group and reinforces its dedication to supporting the IFC’s mission of promoting private sector growth in emerging markets.
Minister Al-Mashat also pointed out the IFC’s involvement in several public-private partnerships that contribute significantly to job creation and financial inclusion in Egypt. Notable projects include the comprehensive health insurance program, water desalination initiatives, and the Benban solar energy project, all of which align with Egypt’s broader development goals.
As Egypt moves forward with this capital increase, it aims to strengthen its economic ties and enhance the role of the private sector in driving sustainable growth and development.
