Cairo, IFC discuss boosting support for private sector

Minister of Investment and International Cooperation Sahar Nasr discussed with CEO of the International Finance Corporation (IFC) Philippe Le Houérou means of supporting Egypt’s entrepreneurship program and the initiative “Your idea is your company” that backs emerging companies.

Nasr said she is looking forward to further cooperation between Cairo and the IFC to increase support provided for the private sector, the investment ministry said in a Saturday statement.

The meeting was held on the sidelines of Nasr’s participation in the World Bank’s annual meetings in Washington.

The minister expressed her appreciation for the IFC’s approval to inject $150 million as new direct investments into Egypt's agriculture sector with the aim of developing the nutrition sector via the latest technologies in addition to providing job opportunities for the youth.

Meanwhile, Le Houérou lauded “Your idea is your company” initiative and praised its role in supporting the youth’s ideas and projects, expressing the IFC’s keenness to back it along with the entrepreneurship.

He also said the IFC is keen to support the private sector’s participation in the renewable energy field in the country as well as to provide technical assistance as regards implementing relevant partnership between the public and private sectors.

Separately, Le Houérou voiced confidence in the Egyptian economy as well as the government's economic and social reform program.

In line with the partnership deal signed between Cairo and the World Bank Group, he said, the IFC is committed to providing Egypt's private sector with $2 billion during the years 2015-2019.