IFC investments in Egypt touch $1.5bln

International Finance Corporation (IFC), the private investment arm of the World Bank group, has invested $1.5 billion to date in Egypt across multiple sectors, Egypt’s Minister of International Cooperation said.

Rania A Al-Mashat shared the investment numbers of the World Bank Group in Egypt during her speech at the launch of the Country Partnership Framework 2023-2027 between Egypt and the World Bank.

She said IFC’s investments in Egypt span renewable energy, construction, financial sector, industry, education, and health sectors.

Al-Mashat said fellow World Bank affiliate MIGA [Multilateral Investment Guarantee Agency] had issued $470 million in guarantees for more than 17 projects. These include the Benban solar park and more recently, Scatec’s renewable energy projects.