Egypt and the International Finance Corporation (IFC) discussed ways to enhance the private sector's role in the Egyptian economy, including the government's programme for state asset offerings, during talks at the World Bank Spring Meetings, the Egyptian Ministry of Planning said on Tuesday. Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, held an extensive meeting with IFC Managing Director Makhtar Diop in Washington D.C. on April 22. The discussions centred on joint initiatives to increase private sector participation in development, improve the investment environment, and support the implementation of Egypt's State Ownership Policy Document. Al-Mashat, who is also Egypt's Governor at the World Bank, and Diop reviewed progress on these files as part of Al-Mashat's schedule during the 2025 Spring Meetings. The IFC is the World Bank's arm focused on private sector financing. Al-Mashat stated that Egypt is determined to reduce the state's role in economic activities to enable local and foreign investments to lead growth. She noted that presidential directives to unify corporate tax support the state's aim for a competitive, investment-attracting economy and improve the business environment. "Unifying corporate tax under presidential directives supports the state's orientation towards a competitive, investment-attracting economy and improves the business environment," Al-Mashat said. "The state is determined to reduce its role in economic activities and enable local and foreign investments to lead growth." Discussions included advancing the government's offerings programme, particularly enhancing the private sector's role in the airports sector. Al-Mashat thanked Diop for the IFC's efforts, highlighting the completion of an advisory services agreement regarding offering airports to the private sector. This builds on cooperation initiated in June 2023 concerning the broader offerings programme aimed at implementing the State Ownership Policy Document. Al-Mashat emphasised that the government is implementing a national structural reform programme and expanding financing mechanisms to attract foreign direct investment, prioritising the private sector's role in development. She outlined government efforts to shift the economy towards private sector-led growth focused on tradable sectors, implementing reforms to create a more competitive environment. These include regulating state participation in economic activities, improving the legislative and regulatory framework, simplifying licensing, digitising investor services, and encouraging public-private partnerships (PPPs) in infrastructure, energy, transport, education, and healthcare. Al-Mashat highlighted recent cabinet approval of a draft law regulating state ownership in companies, aimed at improving governance of the state's economic presence and focusing intervention on essential public sectors, while attracting more investment. The minister also noted efforts regarding tradable and export-oriented sectors, particularly non-oil manufacturing, suggesting potential collaboration with the IFC on incentives for these areas. She mentioned the Sovereign Fund of Egypt's study on maximising state asset utilisation and the inclusion of the Ministers of Planning, Investment, and Finance on its board to ensure policy integration. The current IFC investment portfolio in Egypt stood at approximately $2.4bn as of March 2025, complemented by a $25.7m technical support and advisory portfolio, Al-Mashat said. These investments span financial markets, agribusiness, health, education, manufacturing, tourism, retail, construction, and infrastructure. Al-Mashat also pointed to a €1.8bn investment guarantee mechanism with the European Union, stressing the importance of IFC cooperation to expand its scope and attract more foreign direct investment. She added that joint work with the World Bank on the Business Ready
