Al-Mashat Discusses Joint Efforts to Empower the Private Sector & Expand Innovative Financing Mechanisms with International Finance Corporation (IFC) Managing Director

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt to the World Bank, met with H.E. Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC), the private sector arm of the World Bank Group (WBG). 

The meeting was attended by H.E. Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade, and in the presence of H.E. Mr. Ethiopis Tafara, IFC Regional Vice President for Africa, H.E. Mr. Cheick Oumar Sylla, Regional Director for North Africa and the Horn of Africa, and H.E. Mr. Stephane Gimbert, Regional Director for Egypt, Yemen, and Djibouti at the World Bank, along with other officials.

This took place during the 2025 Annual Meetings of the World Bank Group and the International Monetary Fund in Washington. The meeting included discussions on joint efforts between the government and the IFC to empower the private sector and expand innovative financing mechanisms for local and foreign companies.

The two sides also discussed regional and global economic developments, particularly in light of the historic peace agreement signed by Egypt, the United States, Qatar, and Türkiye in Sharm El Sheikh, the ending of the war on Gaza, and its reflection on regional stability, as well as its positive implications for the Egyptian economy. They also highlighted Egypt’s efforts to reconstruct the Gaza Strip in coordination with the international community.

Dr. Al-Mashat emphasized the pivotal role of the IFC, the World Bank’s private sector financing arm, in providing concessional financing and investments to local and foreign private sector companies in Egypt. Consequently, Egypt is considered one of the Corporation’s largest countries of operation, with a private sector investment portfolio exceeding $9 billion. This aligns with the state’s efforts to empower the private sector and create space for local and foreign investments to lead comprehensive and sustainable growth and boost employment.

The meeting followed up on ongoing efforts to offer government airports for partnership with the private sector, in implementation of an earlier agreement signed between the government and the IFC. The program aims to attract private sector funding for airport modernization and expansion without burdening the state’s general budget.

Furthermore, the Minister of Planning, Economic Development and International Cooperation referred to the European Union Guarantee Mechanism worth €1.8 billion, which was activated during the Egyptian-European Investment Conference in 2024. Dr. Al-Mashat noted that this mechanism represents an important impetus for the private sector to attract investments. She also mentioned the necessity of joint coordination for the IFC to benefit from this mechanism, which contributes to increasing available financing for the private sector.

Minister Al-Mashat reviewed “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs&Resilience”, which aims to achieve integration between Egypt’s Vision 2030 and the government program, in light of the accelerating changes imposed by regional and international developments. This is intended to continue the path of economic reform and to focus more on higher productivity sectors that are better able to penetrate export markets.

Dr. Al-Mashat stressed that empowering the private sector and redefining the state’s role in the economy is a core pillar of Egypt’s new economic model presented by “Egypt’s Narrative for Economic Development”, with the aim of boosting economic competitiveness and shifting towards productive sectors. She underscored that the government is working to create an attractive investment environment that allows the local and foreign private sector to lead development efforts through clear policies.

The meeting also discussed various partnership axes with the IFC, including their contribution to desalination projects, the implementation of the State Ownership Policy Document, and the Corporation’s financing for various private sector companies.

Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.