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Tuesday, 31 October 2017

The International Financial Corporation (IFC) is planning to invest USD 1.5 bn in Egypt in FY2018-19

The International Financial Corporation (IFC) is planning to invest USD 1.5 bn in Egypt in FY2018-19, the IFC’s Vice President of New Business Dimitris Tsitsiragos tells Al Borsa. Renewable energy — for which the institution pledged a USD 653 mn debt package to this week — will continue to top the IFC’s priorities, but funding will also be used to assist oil and gas imports and to build natural gas infrastructure, including installations. Tsitsiragos added that the IFC is currently considering funding two projects in logistics and fuel imports, but stopped short of offering other details. The IFC-financed projects (including renewable energy) are worth a combined USD 1.5 bn, of which USD 500 mn is geared towards SME financing, he tells the newspaper. See our Spotlight on renewable energy, below, for more on the IFC’s investments in Egypt.

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