Cairo – Mubasher: The International Finance Corporation (IFC), a member of the World Bank Group, has allocated $1.5 billion per annum for its Egypt’s lending portfolio, the regional manager in Cairo said.
The Us-based corporation is focusing on financing the private sector’s projects, as well as providing consulting services for the industrial field, according to a statement by the Egyptian trade and industry ministry, citing Walid Lebady.
The IFC has pumped investments worth $1.2 billion into the Egyptian private sector last year, he highlighted.
Egypt is one of the IFC’s largest investment portfolios in the Middle East and North Africa region (MENA), Lebady noted.
This came on the sidelines of a meeting held between the Egyptian trade minister Amr Nassar and a delegation from the American corporation to reinforce mutual cooperation between the ministry and the financing institution.
Both parties aim at collaborating to support and develop the private sector in the most populous Arab country, mainly in the industrial field.
