IFC’s recent investments in health and education reflect a strategic priority to support the growth of established companies and networks across countries and regions, especially those that operate in multiple markets.
IFC is working to rebuild confidence in the market in order to catalyze foreign investment, support the private sector and spur job creation. In the 2012 fiscal year, which ended in June, we committed $506 million in seven projects (including mobilization of $125 million). We have over $1 billion invested in the country, half of which is in equity.
IFC Advisory Services
We provides advisory services to strengthen business regulations, increase access to finance, support the development of small and medium enterprises, and assist the creation of public-private partnerships to build the country’s infrastructure. Our work includes:
A project to reduce the cost of doing business by helping settle commercial disputes more quickly and easily through alternative dispute resolution, releasing trapped assets and furthering growth in collaboration with the Cairo Regional Center for International Commercial Arbitration;
Helping the Alexandria Business Association (ABA) assess the business environment in Egypt and advocate for regulatory reform. Over the past five years, we have worked with ABA to develop both issues of the Reform Index, its methodology, brand and policy area indicators;
Advice to the Ministry of Finance on the implementation of public-private partnerships, something we have been doing since 2006. In FY12, we helped establish two university hospitals in Alexandria via private sector participation; and
In cooperation with the Egyptian Junior Business Association we are helping train small and medium enterprises in Egypt on how to implement sound corporate governance standards to improve their performance.
We encourage private investments in financial markets, infrastructure opportunities, and agribusiness while supporting job creation and export-oriented manufacturing. Some of our highlights from the last year include:
A $475 million investment package for Orascom Construction Industries. The investment is expected to help create jobs and increase foreign direct investment in the country;
A $15 million loan to Cairo Investment and Real Estate Development company (CIRA) to help the firm build primary and secondary schools across Egypt; and
$8 million for Galaxy Chemicals to set up a facility in a free trade zone near the Suez Canal, about 125 km from Cairo.
Development Marketplace Now Accepting Submissions
Have a social enterprise that is worth scaling-up to improve the lives of people living in rural areas of Upper Egypt?
The Development Marketplace (DM) wants to hear from you.
The DM program, housed in the World Bank and administered by the World Bank Institute, and funded by various partners has, since its inception in 1998, awarded more than US$60 million grants to more than 1,200 innovative projects. For more information, visit here.