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Egypt’s Thriving Private Sector Attracts Billions in Investments: Minister of International Cooperation

May 13, 2024
Photo Source: Business Today

Egypt has emerged as a significant hub for international investment, with its private sector attracting approximately USD 9 billion (EGP 425 billion) in financing and investments, according to Rania A. Al-Mashat, the Egyptian Minister of International Cooperation. 

In her opening speech during the International Finance Corporation’s (IFC) Day in Egypt, Al-Mashat emphasized the country’s commitment to empowering the private sector as a vital partner in driving development efforts. 

The Minister underscored the vital collaboration between Egypt and the IFC, stating that Egypt has become one of the largest countries of operation for the IFC among a hundred countries worldwide. 

The IFC’s investments and financing portfolio in Egypt reached USD 900 million (EGP 42 billion) from July 2023 to May 2024, reflecting a continuous increase in investments and financing. 

Al-Mashat attributed this success to Egypt’s ongoing efforts to create an enabling environment for private sector-led investments and job creation.

Furthermore, the Minister of International Cooperation highlighted the country’s broader partnership with the World Bank, including its affiliates, the International Development Association (IDA), and the International Bank for Reconstruction and Development (IBRD). 

This partnership, launched in May 2023, aims to foster a supportive ecosystem for private sector-led investments and job opportunities.

Al-Mashat also emphasized the Ministry of International Cooperation’s commitment to organizing workshops to familiarize private sector companies with this new platform and its services, expanding the range of financing tools accessible in the local market.

This comprehensive platform connects enterprises with 80 financial and non-financial services and offers access to numerous tenders. The portal has already received significant demand, demonstrating its value in bridging information gaps and supporting the private sector.

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