IFC funding to Egypt hits new record of USD 1.2 bn in FY2017-18: Funding to Egypt from the International Finance Corporation (IFC) reached a new record with USD 1.2 bn in new financing doled out in the FY2017-18 fiscal year, which ended in June, according to a statement from the IFC (pdf). Among the landmark funding last FY was its USD 653 mn in financing to the Benban solar park and USD 15 mn in EGP to polymer and construction companies — the latter being its first local currency loan. The IFC also provided an Islamic financing package of USD 75 mn to Almarai, a USD 135 mn facility to the Egyptian Fertilizers Company, and USD 100 mn facility to our friends in CIB for SME funding. “Our investments have been geared towards addressing the challenges facing the private sector — like power shortages, burdensome regulations, gender inequality, and difficulty in accessing financing. By tackling those issues, we can help lay the foundation for long-term growth and prosperity,” said Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen.

The IFC is committed to extending as much as USD 2 bn in funding to Egypt’s private sector until 2019 under the country’s cooperation framework with the World Bank Group, according to previous statements by IFC CEO Philippe Le Houérou.