International Finance Corporation investments in Egypt increase to LE 1.8 billion

The International Finance Corporation (IFC) has recently announced increasing its investments in Egypt to LE 1.8 billion (equivalent to $ 470 million) this year, making of Egypt the largest Mideast and African country and the tenth all over the world capable of attracting IFC investments.

This fiscal year, due to end in July, has witnessed the greatest capital flow by the IFC to Egypt since the world financial institution began its activities in the country twenty five years ago, said IFC Regional Director in Egypt and North Africa Samy Haddad.

The Egyptian economy is now enjoying great potentials for enhancing growth that can assist in overcoming the recent stagnation, he added.

For the first time, the IFC is now considering means of funding small and medium-scale companies operating in the field of information technology.

Egypt has big competitive privileges in the fields of communications and IT, in light of the leading government's initiative on encouraging the private sector to get into the domains of communications and software, Haddad further said.

Moreover, the IFC now focused on developing Egypt's financial sector and encouraging the private sector to fund new financial institutions and supporting firms issuing bonds, according to the IFC Regional Representative Tarek Allouba.

The IFC is now studying means of boosting the Egyptian private sector to get into new development fields, including sanitary drainage schemes as well sea and airports, Allouba said.

The major challenge now facing the Egyptian industrial sector is enhancing the capability of the industrial companies to be more competitive in the international markets, he added.