The International Finance Corporation (IFC), World Bank’s private arm, has announced it will provide $2 billion to support private sector in Egypt, by 2019. The announcement was made by MD Philippe Le Houerou (photo), after he met the Egyptian Minister for Investment and Foreign Cooperation, Sahar Nasr, last weekend in Washington. The official pointed out that the money might increase to fund entrepreneurship and SMEs.

Let’s note that IFC also wants to support the private sector’s involvement in renewable energy in Egypt, and provide technical support on implementing public-private partnership in this sector. According to Sahar Nasr, the cooperation portfolio between the IFC and Egypt reached $1.8 billion from 2008 to 2014 through investments in energy, infrastructure, banking, oil, tourism, health and industry.