Executive vice president and CEO of the International Finance Corporation (IFC) Philippe Le Houérou will visit Egypt on Wednesday and Thursday for the first time.
Houérou will meet Minister of International Cooperation Sahar Nasr and other governmental officials to discuss ways to increase cooperation between Egypt and the IFC.
The meeting will discuss challenges and how to support the private sector, as well as future projects, Nasr said in a press statement. She added that the IFC’s support prioritises projects related to infrastructure, energy, renewable energy, transportation, water, and education.
She stated that the IFC cares about establishing projects in the energy sector, as it is one of the most important sectors for Egypt’s economy.
Nasr emphasised the importance of the growing partnership between Egypt and the IFC, adding that through this partnership, the corporation aims to create job opportunities and reduce poverty by establishing new sewage treatment plants and supporting small- and medium-sized enterprises and the private sectors.
From 2015 to 2016, Egypt used $580m for development, which represents 30% of the total $2bn in its IFC portfolio and its $8bn World Bank portfolio.
IFC is a member of the World Bank Group, and the largest global development institution focused exclusively on the private sector in developing countries.