The IFC, a member of the World Bank (WB) Group, committed $1.2bn in Egypt during the recently concluded fiscal year (FY) 2018.
The IFC said that the finance is helping to create jobs, improve local infrastructure, and boost economic growth. That figure, which includes funds mobilised from other investors, represents a record for the IFC in Egypt.
During the FY 2018, which ended June 30, the IFC supported several pioneering projects across the country. Those included a landmark investment of $653 in the Benban solar park near Aswan.
The IFC noted that this solar plant will be the world’s largest solar array once completed, providing eco-friendly electricity to 350,000 people in upper Egypt. The project was part of a larger IFC effort to support the development of Egypt’s private sector.
Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen said that a vibrant private sector is the key to creating jobs and spurring economic growth in Egypt.
“Our investments have been geared towards addressing the challenges facing the private sector—like power shortages, burdensome regulations, gender inequality, and difficulty in accessing financing. By tackling those issues, we can help lay the foundation for long-term growth and prosperity,” Labadi added.