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Sunday, 1 October 2017

Egypt could see USD 1 bn in funding from the IFC this financial year

Egypt could see USD 1 bn in funding from the IFC this fiscal year: Egypt will be the key beneficiary of a 20% increase in funding the International Finance Corporation (IFC) is planning to provide to the MENA region this year, said the IFC’s MENA director Mouayed Makhlouf. The IFC is planning to raise MENA funding to USD 2 bn in its current financial year which ends in June 2018, up from USD 1.7 bn last year. IFC funding to Egypt is expected to triple to USD 1 bn this year from around USD 300 mn in the previous 12-month period, The National reports. “What helped is the reform of the Egyptian government and the very strong IMF programme that was adopted and agreed to with the IMF,” Makhlouf said. “The very strong reforms [in Egypt] we haven’t seen in any other government in the region and we hope others follow, especially in North Africa,” he added.

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