IFC’s investments in Egypt hit $9B

Updated 5/13/2024 7:18:00 AM
IFC’s investments in Egypt hit $9B

Arab Finance: The International Finance Corporation (IFC) has invested around $9 billion in Egypt so far, in addition to a portfolio of advisory services, Minister of International Cooperation Rania Al-Mashat stated on the sidelines of the IFC Day held in Egypt on May 12th.

During the event, Minister of Planning and Economic Development Hala ElSaid announced that the private sector’s investment share is 40% in the current fiscal year (FY) 2023/2024, and is targeted to reach 50% in the coming FY.

Elsaid added that the private sector's contribution to the country’s gross domestic product (GDP) rose to 71% this year, whereas its share of employment is 80%.

On May 12th, it was reported that the IFC is committed to providing over $1 billion in financing to the Egyptian private sector in 2024.

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