IFC increasing Egyptian investments by $470 million
The Washington-based International Finance Corporation (IFC) has announced that it will be increasing its investments in Egypt to LE 1.8 billion ($470 million) over the course of the coming year, making of Egypt the largest Middle eastern recipient of its capital and the 10th largest recipient worldwide.
This latest announcement means that the fiscal year due to end in July will have witnessed the greatest capital flow into Egypt from the IFC since the organization began its activities in Egypt 25 years ago, said Samy Haddad, the IFC regional director in Egypt and North Africa.
For the first time, the IFC is now considering means of funding small and medium-scale companies involved in the field of information technology. The organization is also studying means of encouraging the country’s private sector to get involved in major infrastructure projects.
IFC is a member of the World Bank Group and is headquartered in Washington, DC. Established in 1956, it is the largest multilateral source of loan and equity financing for private sector projects in the developing world. – (MENA Report)
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