Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with a delegation from the International Finance Corporation (IFC) to discuss ways to increase private sector participation in development efforts and to review technical support for water desalination projects.
Al-Mashat, who also serves as Egypt’s Governor at the World Bank Group, met with IFC Vice President for Cross-Cutting Solutions Emmanuel Nyirinkindi and a delegation that included Cheick Oumar Sylla, IFC’s Regional Director for North Africa and the Horn of Africa; Stephane Guimbert, World Bank’s Country Director for Egypt, Yemen, and Djibouti; Muneer Ferozie, IFC’s Regional Manager and Head for Public-Private Partnerships; Adele Paris, Senior Investment Officer for PPP; and Simona Spasova, Advisor to the IFC Vice President.
Al-Mashat stressed the importance of the IFC, a member of the World Bank Group, as the largest global development institution focused on the private sector in emerging markets.
The Egyptian government, she said, is seeking to enhance cooperation with the IFC to leverage the various services it offers to expand private sector participation in development efforts, aligning with the country’s aim to achieve inclusive and sustainable growth driven by local and foreign private investment.
“Empowering the private sector and increasing its involvement in development efforts is a top priority for the government as part of its program to build a competitive economy attractive to investments,” Al-Mashat said.
“Empowering the private sector ensures sustainable growth, creates more job opportunities, and increases investments in vital sectors, thereby positively impacting the overall performance of the Egyptian economy and meeting citizens’ aspirations.”
The meeting also covered the ongoing technical support provided by the IFC for the water desalination sector, under the partnership signed last year between the IFC, the European Bank for Reconstruction and Development, and the Sovereign Fund of Egypt (TSFE).
This partnership supports public-private cooperation and provides technical support and consultancy for the development of four seawater desalination plants.
The plants will provide 335,000 cubic metres of clean water daily, with a future increase to 650,000 cubic metres in Matrouh Governorate and the North Coast region. This effort aligns with the government’s objectives to ensure clean water availability and achieve the Sustainable Development Goals 2030.
The IFC currently has a $1.9bn investment portfolio in private sector companies in Egypt, covering sectors such as financial markets, agriculture, health, education, manufacturing, tourism, retail, construction, real estate, infrastructure, and energy. The IFC also has a $24.5m advisory services portfolio, focusing on private sector development, governance, women’s empowerment, wholesale and retail trade, and renewable energy consulting services.
The IFC is working to enhance its investments in the local market across several sectors in line with the strategic partnership between Egypt and the World Bank for the period 2023-2027, thereby opening new investment opportunities for the private sector.
