The World Bank’s private sector lending branch of the International Finance Cooperation (IFC) has announced plans to triple its funding to Egypt from approximately $US 300 million, in the past year, to $US 1 billion during the current financial year, the National reports. The boost in lending is part of a funding scheme comprising the wider Middle East region and totals $US 2 billion, representing a 20 percent increase from last financial year. IFC’s decision to expand funding to Egypt comes against the background of the country implementing a large-scale IMF economic reform program that has helped the Arab world’s most populous nation secure a $US 12 billion loan from the IMF. The reforms include a currency float in November last year and the slashing of subsidies on energy products. “What helped is the reform of the Egyptian government and the very strong IMF programme that was adopted and agreed to with the IMF,” Mouayed Makhlouf, IFC’s Mena director, said. “The very strong reforms [in Egypt] we haven’t seen in any other government in the region and we hope others follow, especially in North Africa.” The IFC is focusing on…
World Bank to Triple Funding to Egypt to $US 1 Billion, Focus on Renewable Energy
October 1, 2017
