International Finance Corporation (IFC), the private investment arm of the World Bank group, has invested $1.5 billion to date in Egypt across multiple sectors, Egypt’s Minister of International Cooperation said.
Rania A Al-Mashat shared the investment numbers of the World Bank Group in Egypt during her speech at the launch of the Country Partnership Framework 2023-2027 between Egypt and the World Bank.
She said IFC’s investments in Egypt span renewable energy, construction, financial sector, industry, education, and health sectors.
Al-Mashat said fellow World Bank affiliate MIGA [Multilateral Investment Guarantee Agency] had issued $470 million in guarantees for more than 17 projects. These include the Benban solar park and more recently, Scatec’s renewable energy projects.
Other highlights of the Minister’s speech included:
- 175 projects with a total value of nearly $26 billion have been implemented by the World Bank in Egypt since 1959.
- The total number and value of ongoing projects funded by the World Bank stands at 15 and $7.33 billion respectively. These projects span social protection, health, nutrition, population, education, environment, food security and urban development.
- Projects that had a great impact on development efforts, included the domestic gas delivery project, which directly contributed to extending the natural gas network to more than 11 governorates and benefited more than 15 million houses; the programme to enhance social protection network (Takaful and Karama); social housing project; sanitation infrastructure project targeting rural areas; project to enhance railway safety and improve services; and the comprehensive health insurance system project.
(Writing by Eman Hamed; Editing by Anoop Menon)