The International Finance Corporation (IFC) is working with the Egyptian government to help rebuild confidence in the Egyptian economy, according to Jin Cai, executive VP and CEO.

“Egypt is a priority for the IFC. Despite recent challenges, the country’s private sector has the potential to create jobs and drive economic growth. We are committed to helping unleash this potential,” he said.

According to Naglaa El-Ehwany, Minister of International Cooperation and Governor of Egypt to the WBG, the IFC’s portfolio in Egypt is the largest in the Middle East and North Africa region.

The portfolio consists of 22 investments with a total value of $1.35 bn.

The IFC’s top five investment sectors are chemicals, finance and insurance, oil, gas and mining, nonmetallic mineral product manufacturing, and pulp and paper.

Particular areas of focus include attracting foreign direct investment, supporting the private sector and devising job creation programs.

Highlights of the investment programme include $60m to complete the development of Egypt’s largest retail complex.

The IFC also signed trade agreements with Ahli United Bank and Alex Bank to help Egyptian businesses access global markets as part of the IFC’s $5bn Global Trade Finance Program.

“Going forward, infrastructure development will be a critical element of our work in Egypt, with a focus on projects that reduce the country’s energy shortfalls and meet its growing demand for power,” said Cai.

The IFC has also been providing advisory services and technical assistance on business regulations, access to finance, the development of SMEs, and the use of public-private partnerships (PPPs) to upgrade Egypt’s infrastructure.

In particular, the Corporation signed an agreement with the Egyptian Information Technology Industry Development Agency (ITIDA) to help improve the skills of trainee information technology workers in Egypt, develop sector specific training, and improve the employability of ICT graduates.

The IFC played a key role in advising on the development of Egypt’s first public-private wastewater treatment plant in the New Cairo area and the country’s first PPP projects in the healthcare sector, which will see two hospitals built in Alexandria.

The IFC has also worked at a local level, advising the Dakahlya Businessman’s Association for Community Development (DBACD), a microfinance institution on the development of housing finance products to help poor families.

Minister El-Ehwany said: “Improving the business climate and reaffirming Egypt’s place on the global investment map are priorities as we look to attract renewed interest from foreign investors.”

“The World Bank Group has been one of Egypt's most important and supportive partners, especially during the recent transitional phase, and we look forward to working more closely with the IFC in the future,” he added.