The International Finance Corporation (IFC), part of the World Bank, is in talks with Sovereign Fund of Egypt to partner in a number of projects the fund offers to private sector investors, according to its country manager.<\/p>\n
Walid Labadi, the IFC\u2019s Country Manager for Egypt, Libya, and Yemen added that opening state-run companies to private investments is a critical action towards Egypt\u2019s growth,<\/p>\n
This move will help provide companies affiliated with the Egyptian Army with opportunities for growth, Labadi added at a virtual round table the World Bank held on Sunday on the role that Egyptian fund can play in boosting private sector investments in the Egyptian market.<\/p>\n
The IFC has provided Egypt with a total of $400 million since the onset of the coronavirus pandemic in March to support the private sector, including small and medium-sized enterprises, along with the health sector, Labadi said.<\/p>\n
He further referred to IFC\u2019s cooperation with Egypt\u2019s Financial Regulatory Authority to issue the country\u2019s first of its kind green bonds.<\/p>\n
Supporting the private sector will create more jobs, especially with the significant loss of jobs and wages that all countries have witnessed due to the pandemic, including Egypt, Labadi noted.<\/p>\n
He also said that the IFC invested a total of $307 million in Egypt during the 2019\/2020 financial year that ended in June 2020.<\/p>\n
IFC\u2019s total investments in Egypt exceed $4 billion, which is the largest in the Middle East and North Africa, the official added.<\/p>\n
According to Labadi, IFC\u2019s portfolio in Egypt is the fifth highest of any country in the world.<\/p>\n
He also underscored the promising sectors that are expected to witness an upturn in the Egyptian market in the post-coronavirus phase, including trade and logistics, value chain, green finance, and healthcare.<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Finance Corporation (IFC), part of the World Bank, is in talks with Sovereign Fund of Egypt to partner in a number of projects the fund offers to private sector investors, according to its country manager.<\/p>\n","protected":false},"author":4,"featured_media":320123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-320122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-partners"],"yoast_head":"\n