Sérgio Pimenta, IFC's Vice President for Africa, will visit Egypt from December 17 to 19 to keep supporting Egypt's development goals by increasing private sector involvement in the economy. Pimenta will talk to key government officials, private sector leaders, and development partners to find new ways to boost economic growth with Egypt's Asset Monetization Programme, after IFC became Strategic Advisor for the Programme in June 2023. The Programme aims to use private money and skills to run state-owned assets. It is part of the government's State Ownership Policy (SOP), a new plan started in December 2022 to help the country's private sector grow in different sectors. This is the first deal under the World Bank Group Egypt Country Partnership Framework, made with the Government of Egypt and started in March 2023. IFC has invested nearly $1.7bn in Egypt and has an active advisory portfolio of $32m. IFC helps Egypt's private sector in important areas such as finance, fintech, climate finance, manufacturing, infrastructure and renewable energy, healthcare, and gender inclusion.
