Arab Finance: In continuation of the successive events during the visit of the Vice President of the International Finance Corporation to Egypt, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, witnessed the signing of… Development financing agreement Facilitator between the International Finance Corporation (IFC) andCommercial International Bank (CIB)worth $150 million, with the aim of supporting the Commercial International Bank and enabling it to promote the growth of micro, small, and medium enterprises (MSMEs), including women-led enterprises (WMSMEs).
She emphasized that small, medium and micro enterprises represent the backbone of the Egyptian economy. It provides job opportunities for millions of citizens, and supports innovation, explaining that these projects, especially those led by women, face great difficulties in obtaining the necessary financing, and therefore today’s agreement is an important step towards bridging this gap, to ensure that these projects receive the necessary support for growth and prosperity. And contributing to achieving sustainable development goals in Egypt.
In 2021, the International Finance Corporation invested $100 million in Egypt’s first private sector green bond, the Commercial International Bank, with the aim of helping to launch financing for environmentally friendly projects, reducing greenhouse gas emissions, and supporting the Egyptian economy’s transition to a greener economy.
Since the beginning of its work in Egypt in 1975, the Foundation has invested about $9 billion in investment projects, and has a portfolio of consulting operations worth $24 million.
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