IFC AND EBRD ARE NOT PUTTING EGYPT INVESTMENTS ON HOLD. Al Mal ran yesterday with an article claiming the International Finance Corporation and European Bank for Reconstruction and Development have halted their Egypt operations over the disputes surrounding the feed-in tariff (FiT) agreements and complications with the Abu Rawash wastewater plant and Dairut power plant. The EBRD’s regional communication adviser for the SEMED region, Nibal Zgheib, tells us the bank did not invest in phase one of the FiT (as we reported previously), but continues to have normal operations in Egypt, refuting Al Mal’s story entirely. Likewise, the IFC’s head of communications for Eastern Europe and Central Asia, Riham Mustafa, denied the story categorically, reiterating that the IFC has ramped up investments in Egypt after having invested a total of USD 352 mn in seven projects across the country in FY 2015-16.

…Explaining the IFC’s operations in Egypt, regional director Mouayed Makhlouf told Daily News Egypt “the IFC remains committed to Egypt’s energy sector and supporting the government’s agenda of promoting private, sector-led, renewable energy projects.” The IFC aims to build investor confidence by encouraging private sector growth, he adds, with a priority to infrastructure, energy projects and renewables, transportation and water, and education.