International Finance Corporation (IFC), since beginning its operations in Egypt, has invested and mobilized more than $7 bn in investment projects and has an advisory portfolio amounting to $34m in the Arab country.
These investments have supported the Egyptian private sector in key areas such as access to finance, fintech, climate finance, manufacturing, infrastructure and renewable energy, healthcare, and gender.
These details were disclosed in the press statement announcing IFC’s appointment as the strategic advisor for the Egyptian Government’s Asset Monetization Programme, which will focus on harnessing private capital and know-how to manage state-owned assets, according to the “Zawya” website.
The program is part of the government’s State Ownership Policy (SOP), a new framework rolled out in December 2022 aiming to empower the country’s private sector across sectors to spur economic growth, the press statement on Sunday said.
As per the Transaction Advisory Services Agreement (TASA) signed in the presence of Prime Minister of Egypt Mostafa Madbouly, the IFC will provide the government with technical assistance and advisory support to develop a strategy and implementation plan, help structure and prepare assets for sale – including improving corporate governance – and ultimately implement selected approved transactions.
