Wednesday, 27 May 2026
Egypt and IFC strengthen partnership to boost private sector and sustainable growth
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Dr. Rania Al-Mashat, and International Finance Corporation (IFC) Managing Director Makhtar Diop inaugurated the newly upgraded Cairo office of the IFC today, marking a milestone in decades-long cooperation between Egypt and the World Bank Group’s private sector arm.
The event, which also included IFC Vice President Ethiopias Tafara and Sheikh Omar Sila, IFC Regional Director for the Horn of Africa, capped Mr. Diop’s high-profile visit to Egypt. His meetings included talks with President Abdel Fattah El-Sisi and participation in a landmark conference on boosting development finance for the private sector and driving job creation.
During the inauguration, Dr. Al-Mashat and Mr. Diop held a bilateral meeting to discuss ways to further empower Egypt’s private sector and expand collaboration. Both leaders explored new areas for partnership, emphasizing support for sustainable growth, greater competitiveness, and resilience amid increasing regional and global challenges.
Dr. Al-Mashat highlighted the deep, strategic partnership between Egypt and IFC—one of Egypt's largest investment partners for the private sector, with over $10 billion in financing over the years. These investments have strengthened vital sectors from infrastructure and renewable energy to manufacturing, healthcare, and education, contributing to job creation and economic growth.
The new Cairo office will act as a central hub, supporting both local and international private sector companies in Egypt, and helping catalyze further regional expansion.
Minister Al-Mashat also presented the “Hafiz” platform, a new government initiative that coordinates resources for Egypt's small and medium-sized private businesses. She noted that, since 2020, more than $15.6 billion in private sector investments have been mobilized with support from international partners, including the IFC.
Makhtar Diop affirmed the IFC’s renewed commitment to Egypt, noting the partnership’s strength over more than 50 years. “Reopening our office in Cairo after its development upgrade is a testament to our belief in Egypt’s future and the important role of the private sector in driving inclusive growth,” Diop said.
The meeting also covered collaboration in healthcare, public-private partnerships, water desalination projects, airport projects, and Egypt's “Nouwfi” green investment platform.
Earlier this week, Egypt launched a major development finance conference under the patronage of Prime Minister Mostafa Madbouly. Events included the launch of a new €1.8 billion EU investment guarantee for Egypt, and the signing of new agreements to support green energy and expand financial and technical support for enterprises across Egypt.
With this renewed commitment, Egypt and the IFC will continue to work together to unlock investment, create jobs, and build a more resilient future for all Egyptians.