Egypt to acquire additional shares contributing $28.9 mln to IFC capital

The House of Representatives approved this decision during its session on 12 October 2024.

According to the Ministry of Planning, Economic Development, and International Cooperation, Egypt is one of the largest operational countries in the IFC, particularly because of its increasing investments in the private sector.

This move further solidifies Egypt's position as a founding member of the World Bank Group and its affiliated entities, including the IFC.

The total value of IFC investments in Egypt exceeds $9 billion, with the current account valued at approximately $2.3 billion.

The ministry said these investments span multiple sectors: commerce, healthcare, education, industry, agriculture, tourism, and retail.

In addition, consulting services and technical support amount to approximately $24.8 million.

In December 2024, the cabinet approved Egypt's participation in the African Development Bank's (AfDB) callable capital increase by acquiring 554,700 shares.

Furthermore, in October 2024, the House of Representatives approved, during its general session, increasing Egypt's share in the International Monetary Fund (IMF) by 50 percent.

During this session, Fakhry El-Fekki, chairman of the House of Representatives Planning and Budget Committee, stated that this is the sixteenth time the IMF has raised member countries' quotas to increase its resources.

He added that Egypt should contribute $1.365 billion, a quarter of which will be paid in dollars and the remaining amount, approximately EGP 48 billion, in local currency.

In June 2014, Egypt also acquired 588 shares in the Arab Monetary Fund to increase its capital. This totalled approximately 29.4 million Arab dinars.

Half of this amount has already been paid, and the remaining half will be settled in cash in five equal annual instalments.

Egypt's total shares in the fund have risen to 1,764, totalling approximately 88.2 million Arab dinars.