Egypt's SCZONE eyes deeper investment, port digitalisation ties with Singapore    Egypt's gold prices slip slightly on July 28th    Egypt's Housing Min. reviews HDP marketing plan    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egypt, South Africa pledge to deepen development cooperation at G20 meeting    Egypt's PM orders road maintenance review, tougher penalties to curb accidents    Egypt, Novartis explore expanding collaboration in oncology, cardiology    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    EU, China agree on rare earths, climate but divisions remain on trade, Ukraine    Association of Real Estate Developers seeks urgent meeting over threatened land deallocation on Northwest Coast    Midar partners with Adeer to develop Boulevard project in Mostakbal City with EGP 70bn investment    Iran launches mass deportation of Afghans amid spying allegations    Over 60 million visits recorded under Egypt's Women's Health Initiative since 2019    Culture minister launches national plan to revive film industry, modernise cinematic assets    Thailand, Cambodia clash on new front as tens of thousands flee    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



$1.2bn IFC investments in Egypt in FY 2018
IFC said finance is helping to create jobs, improve local infrastructure, boost economic growth
Published in Daily News Egypt on 08 - 08 - 2018

The IFC, a member of the World Bank (WB) Group, committed $1.2bn in Egypt during the recently concluded fiscal year (FY) 2018.
The IFC said that the finance is helping to create jobs, improve local infrastructure, and boost economic growth. That figure, which includes funds mobilised from other investors, represents a record for the IFC in Egypt.
During the FY 2018, which ended June 30, the IFC supported several pioneering projects across the country. Those included a landmark investment of $653 in the Benban solar park near Aswan.
The IFC noted that this solar plant will be the world's largest solar array once completed, providing eco-friendly electricity to 350,000 people in upper Egypt. The project was part of a larger IFC effort to support the development of Egypt's private sector.
Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen said that a vibrant private sector is the key to creating jobs and spurring economic growth in Egypt.
"Our investments have been geared towards addressing the challenges facing the private sector—like power shortages, burdensome regulations, gender inequality, and difficulty in accessing financing. By tackling those issues, we can help lay the foundation for long-term growth and prosperity,” Labadi added.


Clic here to read the story from its source.