IFC offers 2 loans worth $ 61.5 million to private sector

The International Finance Corporation (IFC), affiliated to the World Bank (WB), has offered two loans worth a total of $ 61.5 million as a contribution to Egypt's modernization program.

"The two loans will positively affect privately operated development projects," Middle East and North Africa director at the IFC Sami Hadad said yesterday.

He explained that the first $ 55.5 million loan would be allocated to large building and construction companies, while the other $ 6 million will go to establish a new production line at a major ceramic company, enabling it to export its products to China.

The IFC is a WB -subsidiary for funding private sector projects. Since its foundation it has granted $ 31 billion over the last 40 years for the upgrading of 2.636 private sector companies in 140 countries, added Hadad.