Back to the complete issue
Tuesday, 13 December 2016

International Finance Corporation boss is in Egypt tomorrow

Philippe Le Houérou, the International Finance Corporation’s (IFC) Executive VP and CEO, is in Egypt tomorrow for a two-day visit that runs until Friday. Le Houérou, on his first official trip to the MENA region as head of IFC, will meet top government officials and business leaders to underscore IFC’s commitment to supporting the country’s private sector, creating jobs, and fostering sustainable growth. IFC says Le Houérou will also sign three agreements that support infrastructure development, and improve access to finance for small businesses and young entrepreneurs.

The IFC has pledged USD 10 mn to Algebra Ventures, which will announce tomorrow the launch of a venture capital fund that we expect will be in the USD 50 mn neighborhood. The fund, led by Tarek Assaad, Ziad Mokhtar and Khaled Ismail, has also landed commitments from the Egyptian-American Enterprise Fund and Cisco, as we have previously reported.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.