The International Finance Corporation (IFC), the World Bank’s private sector arm, plans to invest $1 billion in Egypt in 2024.
This ambitious initiative, reported by Al Borsa News on February 19, will be carried out in partnership with Egypt's National Agency for the Development of Micro, Small, and Medium Enterprises (MSMEDA).
Cheick-Oumar Sylla, the IFC's Regional Director for North Africa and the Horn of Africa highlighted the organization's commitment to supporting the growth of Egyptian businesses. The investment will include providing loans to Egyptian companies and offering credit lines to local banks that are focused on financing SMEs. This strategy aims to stimulate economic development and create jobs by empowering smaller companies, which are often the backbone of emerging economies.
The IFC's total investment portfolio in Egypt amounts to around $8 billion, spanning various sectors including healthcare, renewable energy, pharmaceuticals, infrastructure, and ICTs
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
ECOWAS and IMF sign cooperation framework to strengthen policy alignment West Africa’s grow...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
West African Development Bank plans CFA6,500 billion ($11.5 billion) in financing for 2026–2030. ...
Government considers joining Medusa cable to improve network stability Project estimated at €20–60 million, with rollout targeted for...
Ethiopia signs roadmap with Russia’s Rosatom to develop civil nuclear sector Partnership aims to reduce reliance on hydropower, which dominates...
Senegal and Nigeria deepen cooperation on gas, refining, and energy policy Talks build on existing regional frameworks like the West African Power...
Mali allocates $289 million to 2026/2027 farm campaign, up 2% Cotton output target set at 598,500 tons, a 38% increase Cereal production...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...