Arab Finance: The International Finance Corporation (IFC), affiliated with the World Bank Group (WBG), is committed to providing over $1 billion in financing to the Egyptian private sector in 2024, Asharq Business reported, citing IFC’s Vice President Sérgio Pimenta.

This funding will encompass financial facilities for banks and financial firms, along with health, education, and manufacturing projects, Pimenta noted.

This announcement came during a press conference held on May 12^th in Cairo.

It is worth mentioning that IFC’s investment portfolio in Egypt amounted to around $2.5 billion during the period between 2020 and 2023, Egyptian Minister of International Cooperation Rania Al-Mashat said during the conference.

She added that the IFC invested around $900 million in the country from June 2023 to early May 2024.

This highlights the constant growth in IFC’s investments and financing in Egypt as well as the Egyptian private sector’s ability to lure investments from development partners, she noted.

World Bank cuts forecast for Egypt’s GDP growth in FY2024/25 Updated 10/18/2024 9:27:00 AM

CBE keeps interest rates steady Updated 10/18/2024 9:26:00 AM

Egypt-Spain development investment portfolio hits $867M in 2023 Updated 10/17/2024 3:22:00 PM

Egypt’s EDA fills 95% of medicine shortage so far Updated 10/17/2024 12:51:00 PM

Private Saudi firms to invest $15B in Egypt over 3 years Updated 10/17/2024 9:23:00 AM