Egypt’s Minister of Planning, Dr. Rania Al-Mashat, hosted Mr. Sergio Pimenta, Vice President of the International Finance Corporation (IFC) for Africa, at the ministry’s headquarters in the New Administrative Capital during his final visit to Egypt as the IFC’s Africa Vice President. Dr. Al-Mashat presented him with a commemorative gift in recognition of his efforts in strengthening the long-term partnership between the government and the institution over the years.
During the meeting, Dr. Al-Mashat praised Mr. Sergio Pimenta’s contributions during his tenure, which played a pivotal role in advancing public-private partnerships and increasing the level of investments directed by the IFC to both domestic and foreign private sectors in Egypt.
The Minister highlighted the advisory agreement signed with the IFC at the Cabinet headquarters in the New Administrative Capital. Under this agreement, the IFC will provide advisory services to the government to enhance public-private partnerships in the airports sector.
She noted, “The partnership with the IFC in offering Egyptian airports to the private sector is a continuation of the cooperation initiated in June 2023 under the Government’s IPO Program. This is part of the National Ownership Policy Document, which aims to achieve economic growth led by the private sector. The state prioritizes revitalizing the role of both local and foreign private sectors in driving economic development, which is why we are implementing a national program of structural reforms and expanding financing mechanisms to attract foreign direct investment.”
Dr. Al-Mashat also emphasized the government’s efforts to increase private sector participation, highlighting the significance of the State Ownership Policy Document, which represents a significant shift to improve the role of the private sector in the economy, while rationalizing the state’s role in economic activities.
It is worth noting that as of February 2025, the IFC’s current investment portfolio in Egypt amounts to $2.5 billion, distributed across various sectors, including financial markets, agriculture and forestry, health, education, life sciences, manufacturing, tourism, retail, construction and real estate, mutual funds, infrastructure, oil, gas, and mining, in addition to a consulting and technical support portfolio valued at approximately $22.9 million.
