IFC’s investment portoflio in Egyptian private sector hits $1.9B

Minister Rania Al-Mashat informed that the International Finance Corporation (IFC) currently invests approximately $1.9 billion in Egypt's private sector across various industries. Alongside this, the advisory services segment, focusing on private sector growth, governance, women's empowerment, wholesale and retail trade, and renewable energy, stands at $24.5 million. During discussions with Emmanuel Nyirinkindi, IFC's Vice President of Cross-Cutting Solutions, Minister Al-Mashat explored avenues for collaboration to bolster private sector involvement in Egyptian government initiatives. The meeting delved into progress monitoring of technical assistance rendered to the water desalination sector, a joint effort under the partnership inked last year between IFC, the European Bank for Reconstruction and Development, and the Egyptian Sovereign Fund. The partnership's core objective is to foster synergy between Egypt's public and private sectors by offering technical aid and consultations for the development o f four seawater desalination plants. These plants are projected to generate 335,000 cubic meters of clean water daily, with anticipated growth to 650,000 cubic meters in both Matrouh Governorate and the North Coast region. These endeavors are in line with the government's commitments to ensuring access to clean water and realizing the Sustainable Development Goals by 2030. Source: State Information Service Egypt