Egypt: President El-Sisi Meets the Managing Director of the International Finance Corporation

Today, President Abdel Fattah El-Sisi met with Managing Director of the International Finance Corporation (IFC), Mr. Makhtar Diop. The meeting was also attended by Vice President and General Counsel for IFC, Mr. Ethiopis Tafara, and Minister of Planning, Economic Development, and International Cooperation, Dr. Rania Al Mashat.

Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi appreciated IFC’s cooperative relations with Egypt over the past years. The President emphasized Egypt’s keenness on further strengthening this collaboration, particularly in light of the ongoing regional developments, which create formidable challenges on development programs. Mr. Diop agreed with the President and stressed the Corporation’s commitment to its fruitful cooperation with Egypt.

The meeting explored opportunities for joint efforts to enhance investment flows into Egypt and to facilitate financing for the private sector. President El-Sisi confirmed the importance of providing competitive financing rates to reduce costs. He noted that Egypt is adopting a series of policies as well as structural and economic reforms aimed at maintaining financial and economic stability. The President affirmed that the state is committed to boosting the private sector’s role in economic activity and development and is working to bolster private sector confidence in the economy by offering numerous tax and customs facilities to reduce costs and streamline procedures. Additionally, the government is launching initiatives aimed at increasing exports, developing productive and service activities, and expanding public-private partnership projects.

The IFC’s Managing Director lauded Egypt’s economic reform measures, which enhance investor confidence and improve the investment climate. He asserted that joint programs between both parties will continue to further advance cooperation and support the competitiveness of the Egyptian economy.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.