Egypt is stepping up efforts to attract private capital and expand development finance as it navigates an ambitious reform agenda. Planning and International Cooperation Minister Rania Al-Mashat met with International Finance Corporation (IFC) Managing Director Makhtar Diop on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington to reinforce Cairo's push for greater private sector participation. The talks focused on fast-tracking investment in key sectors, including infrastructure, healthcare, and non-oil manufacturing, while unlocking new avenues for climate finance and public asset monetisation under the government's State Ownership Policy. Private sector growth and IPO programme Minister Al-Mashat said Egypt's decision to offer stakes in airports stems from the state's IPO programme launched in mid-2023 and aligns with its broader plan to re-establish the private sector's lead role in economic growth. The country is moving forward with structural reforms and public-private partnerships to attract foreign direct investment and spur job creation. IFC investments in Egypt hit $2.4bn IFC's total committed investment portfolio in Egypt now stands at $2.4 billion, alongside $25.7 million in advisory and technical assistance across sectors such as finance, agribusiness, tourism, education, and energy. Diop reaffirmed the institution's commitment to growing its footprint in Egypt and engaging more international investors. EU guarantees and investment climate reform Minister Al-Mashat also flagged the €1.8 billion EU-backed investment guarantee mechanism and called for IFC cooperation to broaden its reach. She noted that Egypt is working with the World Bank on the new Business Ready (B-READY) investment climate review, while accelerating tax reform, licensing simplification, and digital investor services. Sovereign Fund and state ownership reforms The meeting also touched on the Sovereign Fund of Egypt's (TSFE) efforts to unlock value from state-owned assets. A draft law regulating the government's economic footprint has been approved by the Cabinet, further formalising the State Ownership Policy. Renewable energy and infrastructure focus Energy investment featured prominently in the talks, with IFC playing a lead role in a $653 million consortium for Egypt's Benban Solar Park and funding for Norwegian developer Scatec's expansion in the country. The discussions come as Egypt seeks to balance fiscal sustainability with growth and mobilise climate-related financing in line with its Vision 2030 agenda. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
