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Today, the International Finance Corporation (IFC) and Egypt announced a $100 million financing deal at the “IFC Day in Egypt”.
Rania Al-Mashat, Egypt’s Minister of International Cooperation and the country’s representative at the World Bank, presided over the signing of the financing deal between the IFC and Banque du Caire.
This event also included the ratification of a consultancy contract with the General Authority for Comprehensive Health Insurance.
The signing ceremony was a notable event at the “IFC Day in Egypt”, attended by Prime Minister Mostafa Madbouly, along with ministers overseeing Planning, Finance, Communications, and the Public Enterprises Sector. The event also welcomed participation from numerous bank executives and representatives from the private sector.
The consultancy agreement for the Comprehensive Health Insurance System was formalised by Finance Minister Mohamed Maait and the Chairman of the General Authority for Comprehensive Health Insurance. Meanwhile, Banque du Caire’s financing agreement was signed by the bank’s Chairperson, Tarek Fayed. Representing the IFC, Sérgio Pimenta, the Regional Vice President for Africa, signed the agreements.
Minister Al-Mashat witnessed the agreement between Banque du Caire and the IFC, earmarking $100 million to enhance the growth of small, medium, and micro-enterprises within the private sector.
This deal includes a $50 million allocation to support women-led entrepreneurial ventures, alongside another $50 million dedicated to facilitating trade through the IFC’s Global Trade Finance Program (GTFP).
The Minister highlighted the importance of today’s agreement, noting it builds upon previous collaborations, such as the IFC’s $100 million investment in Egypt’s inaugural green bonds for the private sector, a step towards sustainable development and emission reduction.
Minister Mashat reiterated the Ministry of International Cooperation’s commitment to executing presidential directives that strengthen and empower the private sector. This involves enhancing partnerships with various development entities to secure a broader spectrum of financial instruments for private enterprises, thereby expanding both direct and indirect funding avenues within Egypt.
From 2020 to 2023, the Egyptian private sector secured concessional development funds totalling $10.3 billion, encompassing direct investments, stakeholder contributions, technical assistance, and credit facilities.
Regarding the Consulting Services Agreement, Minister Al-Mashat confirmed that its endorsement strengthens collaborative efforts with development partners to support Egypt’s Comprehensive Health Insurance System. This initiative is vital in the government’s quest to ensure universal healthcare services and insurance coverage, facilitated through agreements with a network of private healthcare providers.
The Minister acknowledged the success in mobilising concessional development funds of $900 million, contributed by the World Bank ($400 million), the French Development Agency ($181.6 million), and Japanese entities ($326.7 million), reflecting Egypt’s efforts to increase ties with development partners.
Under the new agreement, the IFC leverages its experience in private sector engagement across over 100 countries to analyse and refine contracting processes, engage with key stakeholders, and offer technical support for partnerships with private healthcare providers. This comprehensive support extends to the General Authority for Comprehensive Health Insurance, aligning with the project’s strategic goals.
Expressing appreciation for the IFC’s consistent support, Minister Al-Mashat commended the corporation’s role in fostering robust partnerships that contribute to Egypt’s developmental aspirations across various sectors. She emphasised the importance of this agreement as an extension of the IFC’s $34 million commitment to Egypt, spanning manufacturing, agriculture, public-private partnerships, eco-friendly construction, gender equality, and the financial industry.
