– Egypt’s House of Representatives has authorized the country’s contribution to the capital increase of the International Finance Corporation (IFC), part of the World Bank Group, enhancing its long-standing partnership with the organization.

– The IFC has invested over $9 billion in Egypt, with a current active portfolio of $2.3 billion across various sectors, including trade finance, healthcare, and renewable energy, along with an advisory and technical support portfolio totaling $24.8 million.

– Egypt will acquire 28,940 shares worth $28.9 million, which will boost the IFC’s ability to support private sector growth, particularly in public-private partnerships related to health, water, and renewable energy projects that promote job creation and financial inclusion.

Egypt’s House of Representatives has approved the nation’s contribution to the capital increase of the International Finance Corporation (IFC), which is part of the World Bank Group.

The IFC has invested more than $9 billion in Egypt, maintaining an active portfolio of $2.3 billion across multiple sectors, including trade finance, healthcare, education, industry, agribusiness, and tourism. According to the Ministry of Planning and Economic Development ., the advisory and technical support portfolio totals $24.8 million.

This decision reinforces Egypt’s enduring partnership with the World Bank Group and demonstrates its commitment to advancing the IFC’s mission of fostering private sector growth in emerging markets.

As announced by the Ministry of Planning, Economic Development, and International Cooperation, Egypt will acquire 28,940 shares, totaling $28.9 million.

Rania Al-Mashat, Minister of Planning and Economic Development, underscored that Egypt, as a founding member of the World Bank Group and its affiliates, including the IFC, plays a vital role in financing the private sector for developing and emerging economies. She pointed out that the capital increase will bolster the IFC’s capacity to enhance support for private enterprises.

Al-Mashat also emphasized the IFC’s involvement in public-private partnerships, such as the comprehensive health insurance program, water desalination initiatives, and the Benban solar energy project, all of which contribute to job creation and financial inclusion in Egypt.