The International Finance Corporation (IFC) will invest USD 25 mn in Carbon Holdings, according to an emailed statement. The company “plans to increase production of ingredients used in plastics, tires and automotive parts and food packaging, among others,” IFC said in emailed statement. The IFC’s investment is part of plans to commit USD 2 bn to Egypt, Bloomberg notes. Carbon Holdings is building the USD 7 bn Tahrir Petrochemical Complex in Ain Sokhna. The complex is expected to begin operations in 2021 and will process 4 mn tonnes of naphtha annually to make polyethylene, polypropylene, and other chemicals, according to CEO Basil El Baz.

…The potential is “big,” Mouayed Makhlouf, regional director at the IFC, says about investing in Egypt’s private sector in segment of Bloomberg TV’s Bloomberg Markets Middle East. Since 2011, the IFC has invested about USD 1.4 bn here. “There are risks in Egypt … but there are a lot of potential opportunities … the medium-to-long term potential for Egypt is big,” Makhlouf says. “We are long on Egypt … our largest portfolio in MENA is in Egypt,” he adds, noting that “the biggest vote of confidence for Egypt” would be securing an IMF program. (Run time 04:10)