International Financial Corporation (IFC) Announces Major Investments in Egypt

New Commitment to Support Economic Growth

IFC, a member of the World Bank Group, has announced a $150 million commitment to support four key investment and advisory initiatives in Egypt.

The announcement was made in Cairo on May 14, 2024, and follows the recent completion of the International Monetary Fund (IMF) Executive Board's review of Egypt's economic reform program.

The IFC's investment will focus on supporting Egypt's financial sector, private sector development, and infrastructure projects. The initiatives include:

• A $50 million investment to support Banque Misr, Egypt's second-largest bank, in providing loans to small and medium-sized enterprises (SMEs).
• A $30 million investment to support the Egyptian Exchange (EGX) in developing its infrastructure and expanding its range of financial instruments.
• A $40 million investment to support the construction of a new power plant in Upper Egypt, which will increase the country's electricity supply.
• A $30 million investment to support the development of a new industrial zone in Ain Sokhna, which will attract foreign direct investment and create jobs.

These investments are expected to contribute to Egypt's economic growth by supporting job creation, boosting exports, and improving the country's investment climate.