Egypt to receive $2bn from International Finance Corporation

The World Bank's International Finance Corporation (IFC) will provide finance for the Egyptian private sector to the amount of $2 billion, Egypt's Ministry of Investment and International Cooperation announced Sunday.

According to a ministry statement, the IFC finance will focus on the renewable energy field through 2019, as part of the partnership between Egypt and the World Bank.

The statement came after a meeting between Egyptian Minister of Investment and International Cooperation Sahar Nasr and IFC CEO Philippe Le Houérou in Washington during the former's visit to the US.