IFC starts execution phase of Egypt’s IPO program
Updated 5/14/2024 7:37:00 AM
Arab Finance: The International Finance Corporations (IFC) has completed the first phase of submitting its recommendations to the Egyptian government over the initial public offering (IPO) program, IFC’s Vice President Sérgio Pimenta told Asharq Business.
Accordingly, the IFC has progressed to the execution phase, which focuses on studying each firm individually to identify potential investors who can inject capital into these companies and assist them in improving and achieving better governance, Pimenta revealed.
Furthermore, he added that the IFC is backing an Egyptian commercial bank in issuing the country's first green bonds, emphasizing the need for developing new financing instruments to make Egyptian businesses more climate resilient.
It is worth noting that the IFC Day was held in Egypt on May 12th during Pimenta’s Cairo visit.
During the event, Minister of International Cooperation Rania Al-Mashat stated that IFC has invested around $9 billion in Egypt so far.
Moreover, 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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