Minister Rania Al-Mashat has announced that the International Finance Corporation (IFC) is investing around $1.9 billion in Egypt’s private sector, spanning various industries.
The advisory services section, which amounts to $24.5 million and targets private sector growth, governance, women’s empowerment, wholesale and retail trade, and renewable energy, amounts to $24.5 million.
During discussions with Emmanuel Nyirinkindi, IFC’s Vice President of Cross-Cutting Solutions, Minister Al-Mashat explored opportunities for cooperation to enhance private sector participation in Egyptian government initiatives.
The meeting delved into the progress monitoring of the technical assistance provided to the water desalination sector, a collaborative effort initiated last year between IFC, the European Bank for Reconstruction and Development, and the Egyptian Sovereign Fund.
The primary aim of the partnership is to promote synergy between Egypt’s public and private sectors by offering technical support and consultations for the development of four seawater desalination plants.
These plants are expected to produce 335,000 cubic meters of clean water daily, with projected expansion to 650,000 cubic meters in both Matrouh Governorate and the North Coast region.
These initiatives align with the government’s pledge to ensure access to clean water and achieve the Sustainable Development Goals by 2030.
