In response, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat stated that Egypt is one of the largest operational countries of the IFC through increasing investments in the private sector.

This makes Egypt one of the founding countries of the World Bank Group and its affiliated entities, including the IFC.

Al-Mashat also explained that increasing the capital of the IFC enables the institution to provide more funding for the private sector.

She added that the concurrent global challenges and escalations due to geopolitical tensions in the region necessitate that international financing corporations and multinational development banks increase their resources to expand funding for development and support the efforts of developing countries to keep up with global progress.

“The measures taken by the country to build a competitive economy that is attractive for investors and pave the way for the private sector are bound to allow big opportunities for private sector companies and broaden the horizon for the cooperation with the IFC,” she said.

IFC’s total investments in Egypt exceed $9 billion, while the current account worth is approximately $2.3 billion. These investments cover various sectors, including financing commerce, health, education, industry, agriculture, tourism, retail, and other priority sectors.

Meanwhile, consulting services and technical support account for around $24.8 million.

On a similar note, Egypt signed an agreement with the IFC in June 2023 to have the IFC offer advisory services for the privatization programme conducted by Egypt.

The IFC and Banque du Caire signed a financing agreement in May worth $100 million, which allocates $50 million to promote the development of micro, small, and medium private sector projects, especially those owned by women entrepreneurs.

The other $50 million is allocated for financing trade under the IFC’s International Trade Finance Programme.

In April, the IFC enhanced Egypt's classification from "Developing-Advancing" to "Advancing" in its performance assessment matrix.