File Photo: The International Finance Corporation (IFC) (Photo: Reuters)
The International Finance Corporation, a World Bank Group member, has said it is willing to expand its activities in Egypt in the coming period to back the transport, renewable energy and entrepreneurship sectors.
IFC chief operating officer Stephanie von Friedberg made the remarks at a meeting with Egypt’s Minister of Investment and International Cooperation Sahar Nasr, on the fringe of the Spring Meetings of the World Bank Group in Washington.
The two sides discussed beefing up the IFC's support to Egypt's private sector, mainly in the transport, renewable energy and entrepreneurship sectors, with regard to the country's portfolio in the international corporation which is worth $2 billion.
It is the IFC's largest investment portfolio in the Middle East and North Africa region, the Egyptian investment ministry said in a statement on Friday.
Nasr underscored the IFC's major role in supporting several mega-projects in Egypt, noting that the corporation's investments in the country hit a record high in 2017-2018 fiscal year after reaching $1.2 billion.
For her part, Friedberg pointed out that the IFC has pumped more than $165 million as investments into Africa and the Middle East over the past few years.