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<\/p>\nIFC has announced $605 million in commitments to three projects that will support economic development in Egypt across key sectors including climate finance, sustainable tourism, and access to finance for micro, small, and medium-sized enterprises (MSMEs).
\nIFC\u2019s Vice President for Africa, S\u00e9rgio Pimenta, signed the three projects during a visit to Egypt to underscore IFC\u2019s commitment to supporting the country\u2019s economic development and its private sector. The three projects are:<\/p>\n
\u2022 A $300 million investment in a bond from Arab African International Bank (AAIB), which is Egypt\u2019s first sustainability bond and the largest issued by a private bank in Africa. Investing alongside IFC are the European Bank for Reconstruction and Development (EBRD) and British International Investment (BII), each subscribing at $100 million. Three-quarters of the bond\u2019s proceeds are allocated to green financing, including industrial energy-efficiency, small-scale renewable energy projects, and green buildings. One quarter is to support social assets including inclusive finance and MSMEs.<\/p>\n
\u2022 $155 million Sustainability Linked Loan (SLL) for Orascom Decelipment Egypt to boost green tourism in Egypt by improving energy and water efficiency and reducing greenhouse gas (GHG) emissions at several hotels in El Gouna, along the Red Sea. The project will help reduce energy consumption at the hotels by up to 50 percent from non-renewable energy sources and water usage by at least 20 percent. The financing will also help ODE refinance a portion of its existing debt.<\/p>\n
\u2022 A $150 million loan for Commercial International Bank (CIB) to strengthen the bank\u2019s capital position amid challenging macroeconomic conditions and help it deliver on its commitment to support micro, small, and medium-sized enterprises (MSMEs) in Egypt, including women-owned MSMEs. The financing will foster job creation, boost economic development, and help reduce the gender financing gap in Egypt.<\/p>\n
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“The scale and breadth of IFC\u2019s investments reflect the strength of our partnership with Egypt and our shared support for sustainable private sector development in the country,\u201d said S\u00e9rgio Pimenta, IFC\u2019s Vice President for Africa. \u201cBy further stimulating financial inclusion to Egyptian MSMEs and accelerating the country\u2019s transition to a greener economy, IFC is continuing its work to empower Egypt\u2019s private sector to contribute the country\u2019s full economic potential.\u201d
\nThe three projects were signed during Pimenta\u2019s visit to Egypt, where he met with the Prime Minister H.E. Dr. Mostafa Madbouly; Egypt\u2019s Minister of Planning, Economic Development, and International Cooperation, Dr. Rania A. Al-Mashat; the Governor of the Central Bank of Egypt, Mr. Hassan Abdalla; and private sector partners.
\n\u201cEgypt\u2019s vision to increase private sector participation in the economy is anchored in the power of partnerships, and IFC has been a steadfast partner in driving this ambition forward,\u201d said Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation. \u201cIFC\u2019s new investments reflect our shared commitment to fostering sustainable, inclusive economic growth while advancing Egypt\u2019s climate goals. By driving private capital into green finance, sustainable tourism, and MSME support, these projects underscore the critical role of private sector development in achieving a greener and more resilient future for Egypt.\u201d
\n\u201cA dynamic financial sector is the cornerstone of robust, sustainable, private sector-led economic development,\u201d said Hassan Abdalla, Governor of the Central Bank of Egypt. \u201cIFC\u2019s investments are a testament to the critical role of financial institutions in helping build a more sustainable and competitive financial ecosystem in Egypt.\u201d<\/p>\n
The projects align with the World Bank Group\u2019s Country Partnership Framework for Egypt, which aims to create conditions for green, resilient, and inclusive development. They also support IFC’s country strategy in Egypt, focusing on employment and inclusion through increased access to finance for the private sector and MSMEs.<\/p>\n
Since beginning its operations in Egypt in 1975, IFC has invested and mobilized $9 billion in development projects in the country and has an active advisory portfolio amounting $24 million. IFC’s private sector support in Egypt focuses on fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and other sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"
IFC has announced $605 million in commitments to three projects that will support economic development in Egypt across key sectors including climate finance, sustainable tourism, and access to finance for micro, small, and medium-sized enterprises (MSMEs). IFC\u2019s Vice President for Africa, S\u00e9rgio Pimenta, signed the three projects during a visit to Egypt to underscore IFC\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":5423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[47,39,168,83,130,43,107,15],"tags":[4311,6995,214,2036,7894,7890,1000,7892],"class_list":["post-5422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks-insurance-en","category-business-economy-en","category-country","category-egypt-en","category-featured-en","category-finance-investment-en","category-funding-round","category-press-releases","tag-arab-african-international-bank","tag-climate-finance","tag-economic","tag-egypt","tag-green-transition","tag-ifc","tag-investment","tag-small-businesses"],"yoast_head":"\n