Dr. Rania Al-Mashat, Egypt’s Minister of Planning and Economic Development, and Makhtar Diop, Managing Director of the International Finance Corporation (IFC), jointly inaugurated the newly renovated IFC office in Cairo. The event was also attended by Ethiopias Tafara, IFC Vice President, and Cheikh Oumar Seydi, IFC Regional Director for the Horn of Africa.
The office reopening marked the conclusion of Diop’s high-profile visit to Egypt, which included a meeting with President Abdel Fattah El-Sisi and participation in the national conference, “Development Finance for Private Sector Empowerment: Economic Growth and Employment.”
During a bilateral meeting between Minister Al-Mashat and Diop, the two officials discussed the future trajectory of IFC-Egypt cooperation, with an emphasis on scaling support for private sector development as a key driver of inclusive economic growth.
Minister Al-Mashat lauded the longstanding partnership between Egypt and the IFC, highlighting that the country stands among the top beneficiaries of IFC investment globally. “Our collaboration with IFC spans decades and reflects a shared commitment to unlocking the full potential of the private sector,” she said.
She also emphasized that IFC investments in Egypt’s private sector have exceeded $10 billion, laying a robust foundation for a broader and more inclusive cooperation framework that supports various sectors of development, including infrastructure, green energy, healthcare, and financial inclusion.
A cornerstone of this cooperation is Egypt’s “Hafiz” platform, an integrated strategy launched by the Ministry of Planning to streamline and align financial and technical support for the private sector—particularly startups, SMEs, and emerging ventures. Al-Mashat noted that since 2020, Egypt has mobilized more than $15.6 billion in investments for the private sector, largely with the support of international partners including the IFC.
Speaking at the inauguration, IFC Managing Director Makhtar Diop emphasized the symbolic and strategic importance of the revamped Cairo office. “The reopening of our office here is more than just a milestone—it reaffirms a partnership that spans over 50 years and reflects our renewed commitment to supporting Egypt’s private sector-led growth,” he stated.
The IFC’s enhanced presence in Cairo comes at a critical moment as Egypt intensifies its efforts to foster a dynamic business environment, attract foreign investment, and create sustainable jobs through private enterprise. With global economic uncertainties persisting, the partnership with the IFC offers Egypt a resilient pathway to financing development beyond traditional aid models.
