Al-Mashat Holds Bilateral Meeting with Diop to Discuss Future Joint Efforts to Empower the Private Sector in Egypt

Al-Mashat: 

IFC Works to Diversify Private Sector Financing Sources in Egypt to Stimulate Investment Inflows

Utilizing the European Union Guarantee Mechanism to Expand Development Financing for Private Sector Companies

Our Partnership with the International Finance Corporation is Strategic for Boosting Private Sector Growth and Fostering Employment Rates

IFC Investments in the Egyptian Private Sector Exceed $10 Billion, Laying the Foundation for More Comprehensive Future Cooperation to Support Various Development Sectors

The IFC Managing Director's Visit to Egypt and Meeting with Egyptian Companies Reflect Confidence in the Egyptian Economy and Signal Promising Investment Opportunities

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC), inaugurated the IFC's renovated office in Egypt. They were joined by Mr. Ethiopis Tafara, IFC Vice President for Africa, and Mr. Cheick Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa.

This inauguration came at the conclusion of Mr. Diop's visit to Egypt, which included several events, most notably a meeting with His Excellency President Abdel Fattah El-Sisi, President of the Republic of Egypt, and participation in the conference "Development Finance to Foster Private Sector-Led Growth and Jobs." 

Following the inauguration, Dr. Rania Al-Mashat and Mr. Makhtar Diop held a bilateral meeting to discuss the future of joint relations to support private sector empowerment in Egypt.

The meeting explored new areas for partnership expansion, particularly in line with Egypt’s national priorities aimed at empowering the private sector, achieving sustainable growth, and enhancing the competitiveness of the Egyptian economy, especially given increasing regional and international challenges. Discussions also touched on progress in joint projects and evaluated prospects for scaling up technical support and institutional investment programs to maximize development impact and stimulate private sector participation in development efforts.

H.E. Dr. Rania A. Al-Mashat emphasized the long-standing relationship between the Arab Republic of Egypt and the IFC, which is a key partner in supporting development endeavors through the private sector. She noted that Egypt is one of the largest countries where the IFC operates, with investments and financing to Egypt’s private sector exceeding $10 billion.

This reflects confidence in the Egyptian economy and its attractiveness as an investment destination. These investments have supported strategic projects in infrastructure, renewable energy, financial services, manufacturing, agriculture, healthcare, and education, thereby promoting economic growth and job creation.

H.E. Dr. Al-Mashat pointed out that the IFC's office in Egypt serves as a hub to support investments and expansions of domestic and foreign private sector companies in Egypt, enabling their regional and international expansion. She also noted Egypt's keenness to strengthen its partnership with the IFC in light of the significant challenges surrounding the region, which pose considerable obstacles to development efforts. She affirmed that the IFC Managing Director's visit to Egypt and his meeting with Egyptian companies reflect confidence and indicate investment opportunities in the Egyptian economy.

H.E. Dr.Al-Mashat highlighted the "HAFIZ" platform, which the ministry launched as a strategic tool for aggregating, coordinating, and directing technical and financial support programs for the private sector, particularly small, medium, and emerging enterprises. She mentioned that since 2020, over $15.6 billion in financing and investments have been mobilized for the Egyptian private sector, with the support of international partners, notably the IFC.

For his part, the IFC Managing Director reaffirmed that the inauguration of the renovated IFC office in Egypt exemplifies the strong partnership with Egypt that spans over 50 years and reinforces their renewed commitment to supporting private sector-led growth.

The meeting featured in-depth discussions on the evolving Egyptian-IFC partnership in areas of empowering the private sector to participate in healthcare services, as well as consultations provided within the government's IPO program, technical support for desalination projects,  and collaboration to enhance public-private partnerships in the airport sector. They also discussed cooperation in implementing Egypt’s "NWFE" (Country Platform for Green Projects) program.

It is worth noting that the Ministry of Planning, Economic Development and International Cooperation organized a large conference earlier this week titled"Development Finance to Foster Private Sector-Led Growth and Jobs," under the patronage and presence of H.E. Dr. Mostafa Madbouly, Prime Minister; Lieutenant General Eng. Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Mr. Stefano Sannino, Director-General for Southern Mediterranean and Middle East at the European Commission; Mr. Makhtar Diop, Managing Director of the International Finance Corporation; Ms. Gelsomina Vigliotti, Vice President of the European Investment Bank; Mr. Mark Davis, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development; and a host of ministers, the Federation of Chambers of Commerce, the Federation of Industries, business councils, development partners, and ambassadors.

The conference saw the launch of the European Union Investment Guarantee Mechanism in Egypt valued at 1.8 billion Euros, along with a report monitoring direct and indirect financing mechanisms from development partners to the private sector over five years. Additionally, a number of agreements were signed between the private sector, the government, and development partners to finance three projects within the "NWFE" program and expand the utilization of the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises across Egyptian governorates.