H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt's Governor at the World Bank Group, met with a delegation from the International Finance Corporation (IFC), led by Emmanuel Nyirinkindi, IFC’s Vice President for Cross-Cutting Solutions. The meeting aimed to explore avenues for collaboration in supporting the Egyptian government's programs to enhance private sector participation.
The meeting was attended by Mr. Cheick Oumar Sylla, IFC’s Regional Director for North Africa and the Horn of Africa; Mr. Stephane Guimbert, World Bank’s Country Director for Egypt, Yemen, and Djibouti; Mr. Muneer Ferozie, IFC’s Regional Manager and Head for Public-Private Partnerships; Ms. Adele Paris, Senior Investment Officer for PPP; and Ms. Simona Spasova, Advisor to the IFC Vice President.
During the meeting, H.E. Dr. Rania A. Al-Mashat emphasized that the International Finance Corporation, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets and implements some of its major programs in Egypt. In this context, the government seeks to enhance cooperation with the IFC to leverage the various services it offers to expand private sector participation in development efforts, aligning with the country's aim to achieve inclusive and sustainable growth driven by local and foreign private investment.
The Minister of Planning, Economic Development, and International Cooperation affirmed that empowering the private sector and increasing its involvement in development efforts is a top priority for the government as part of its program to build a competitive economy attractive to investments.
H.E. Minister Al-Mashat explained that empowering the private sector ensures sustainable growth, creates more job opportunities, and increases investments in vital sectors, thereby positively impacting the overall performance of the Egyptian economy and meeting citizens' aspirations.
The meeting also covered the ongoing technical support provided by the IFC for the water desalination sector, under the partnership signed last year between the IFC, the European Bank for Reconstruction and Development, and the Egyptian Sovereign Fund. This partnership supports public-private cooperation and provides technical support and consultancy for the development of four seawater desalination plants, which will provide 335,000 cubic meters of clean water daily, with a future increase to 650,000 cubic meters in Matrouh Governorate and the North Coast region. This effort aligns with the government's objectives to ensure clean water availability and achieve the Sustainable Development Goals 2030.
It is noteworthy that the IFC's current investment portfolio in private sector companies amounts to approximately $1.9 billion, covering sectors such as financial markets, agriculture, health, education, manufacturing, tourism, retail, construction, real estate, infrastructure, and energy. The advisory services portfolio stands at $24.5 million, focusing on private sector development, governance, women's empowerment, wholesale and retail trade, and renewable energy consulting services.
In the context of implementing the strategic partnership between Egypt and the World Bank for the period 2023-2027, the IFC is working to enhance its investments in the local market across several sectors, thereby opening new investment opportunities for the private sector.