In a significant move to strengthen Egypt’s collaboration with the International Finance Corporation (IFC), a substantial financing agreement has been finalized. Rania Al-Mashat, Egypt’s Minister of International Cooperation and representative at the World Bank, led the signing of a $100 million deal between IFC and Banque du Caire.
This momentous occasion, attended by Prime Minister Mostafa Madbouly and key ministers overseeing Planning, Finance, Communications, and the Public Enterprises Sector, took place during the “IFC Day in Egypt” event. Alongside Minister Al-Mashat, various bank executives and private sector representatives were present.
The agreement involves Banque du Caire receiving $100 million to support the growth of small, medium, and micro-enterprises within the private sector. Of particular note is the allocation of $50 million to back women-led entrepreneurial ventures, demonstrating a commitment to gender empowerment. Another $50 million is earmarked to facilitate trade through the IFC’s Global Trade Finance Program.
Minister Al-Mashat emphasized the significance of this agreement, highlighting its alignment with previous collaborations, such as the IFC’s investment in Egypt’s green bonds for the private sector. She reiterated the Ministry of International Cooperation’s dedication to executing presidential directives aimed at empowering the private sector.
Additionally, Minister Al-Mashat stressed the importance of collaborative efforts with development partners to strengthen Egypt’s Comprehensive Health Insurance System. This initiative plays a crucial role in ensuring universal healthcare services and insurance coverage, with support from a network of private healthcare providers.
The partnership with IFC, leveraging its expertise in private sector engagement across numerous countries, is poised to refine contracting processes and provide technical support for strategic goals. Minister Al-Mashat expressed gratitude for the IFC’s steadfast support, highlighting its contributions to Egypt’s developmental aspirations in various sectors.