Dr. Rania Al-Mashat, the Minister of International Cooperation and Governor of Egypt at the World Bank, delivered the inaugural address during the “IFC Day in Egypt” proceedings. The event coincided with the visit of Mr. Sergio Pimenta, Vice President of the International Finance Corporation for the Africa Region, to Egypt. The opening speech was delivered in the presence of Dr. Mostafa Madbouly, the Prime Minister, several government ministers, and officials from the private sector.
During her speech, the Minister of International Cooperation emphasized that the annual IFC Day in Egypt serves as a platform to reaffirm our collective commitment towards supporting the private sector.
This is in line with the directives of H.E. President Abdel Fattah El-Sisi, who called for empowering the private sector as a key partner in driving development efforts at the start of his new presidential term.
“As the Governor of Egypt at the World Bank Group, I oversee the Country Partnership Framework, which was launched in 2023 and includes our relationship with the International Finance Corporation (IFC) as well as the Multilateral Investment Guarantee Agency (MIGA) and the International Bank for Reconstruction and Development (IBRD). This framework is focused on several key objectives, including creating a conducive environment for private sector-led investments and generating employment opportunities.”
Al-Mashat emphasized the crucial partnership between the International Finance Corporation (IFC) and Egypt. The IFC has been a reliable source of financing and investment for the private sector in Egypt, with a total investment worth approximately $9 billion, and a portfolio of advisory services worth $34 million. Egypt is one of the largest countries of operation for the IFC, which highlights the immense potential and opportunities available for investment and growth in Egypt.
