Arab Finance: In its plenary session, the House of Representatives approved the Arab Republic of Egypt’s subscription to a capital increase International Finance Corporation IFCThe largest international multilateral institution that finances the private sector, and affiliated with the World Bank Group, with a stake of 28,940 shares, $28.9 million.
This comes within the framework of the close historical relations between the Arab Republic of Egypt, as one of the founding countries of the World Bank Group, and its affiliated institutions, and in strengthening its role in supporting the tasks carried out by the International Finance Corporation, as one of the largest multilateral international financing institutions, which supports the private sector in Emerging economies and developing countries.
In her comment, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, confirmed that Egypt is a founding country in the World Bank Group and its affiliated institutions, including the International Finance Corporation, which specializes in financing the private sector in developing countries and emerging economies, explaining that increasing capital enables… The Foundation increases funding directed to private sector companies.
It is worth noting that the total investments of the International Finance Corporation (IFC) in Egypt exceed $9 billion, while the current portfolio is about $2.3 billion, distributed in the sectors of trade finance, the financial sector, health, education, industry, agribusiness, tourism, retail, and others. It is a priority sector, while the advisory services and technical support portfolio records approximately $24.8 million.
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