The World Bank Group (WBG) is holding public consultations which will help develop the Country Partnership Framework (CPF) for its partnership with the Arab Republic of Egypt during the period of 2015-2019.
IFC's strategy in Egypt aims to increase foreign investment and build investor confidence, supporting the country during its transition by encouraging the growth of the private sector. During fiscal year 2013, IFC committed $276 million in five projects across the country. That brought IFC's total commitments since 2011 close to $1 billion, including $303 million mobilized from other investors. We also provided advisory services to improve the investment climate, increase access to finance, support the development of small and medium enterprises, and assist the creation of public-private partnerships to build the country’s infrastructure.
Highlights of Investments in 2013:
Provided a $100 million loan and helped arranged up to $400 million in other financing for natural gas producer Petroceltic, allowing it ramp up operations in Egypt, among other countries;
Provided a $34 million loan to Transglobe Energy, helping the oil company increase exploration in Egypt and Yemen, boosting economic development and sending a positive signal to investors;
Invested $6 million in Fawry, Egypt’s leading electronic payment provider, in an effort to extend crucial financial services and encourage economic development across the country;
Provided $11 million to Nile Kordsa, helping the fabric-maker expand operations, generating jobs and improving local know-how; and
Provided $56 million in trade finance to local banks.
Highlights of Advisory Projects in 2013:
Worked to reduce the cost of doing business by helping settle commercial disputes more quickly and easily through alternative dispute resolution, releasing trapped assets and furthering growth;
Helped provide management and skills training through the Business Edge program;
Partnered with the Egyptian Banking Institute to provide corporate governance training to the banking sector and beyond;
Helped agribusiness company Maba identify ways to save energy and explore clean energy solutions;
In cooperation with the Egyptian Junior Businessmen Association, trained SMEs on how to implement sound corporate governance standards to improve their performance; and
Provided advice to the government on the implementation of public-private partnerships.
Development Marketplace Now Accepting Submissions
Have a social enterprise that is worth scaling-up to improve the lives of people living in rural areas of Upper Egypt?
The Development Marketplace (DM) wants to hear from you.
The DM program, housed in the World Bank and administered by the World Bank Institute, and funded by various partners has, since its inception in 1998, awarded more than US$60 million grants to more than 1,200 innovative projects. For more information, visit here.