House of Representatives approves Egypt contribution to capital increase of IFC by $28.9 mln

In response, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat stated that Egypt is one of the largest operational countries of the IFC through increasing investments in the private sector.

This makes Egypt one of the founding countries of the World Bank Group and its affiliated entities, including the IFC.

Al-Mashat also explained that increasing the capital of the IFC enables the institution to provide more funding for the private sector.

She added that the concurrent global challenges and escalations due to geopolitical tensions in the region necessitate that international financing corporations and multinational development banks increase their resources to expand funding for development and support the efforts of developing countries to keep up with global progress.

“The measures taken by the country to build a competitive economy that is attractive for investors and pave the way for the private sector are bound to allow big opportunities for private sector companies and broaden the horizon for the cooperation with the IFC,” she said.