Energy Investments Drive Activities of IFC in Egypt to Record Levels

Energy Investments Drive Activities of IFC in Egypt to Record Levels

Thursday, 9 August, 2018 - 12:45
Cairo - Asharq Al-Awsat
The International Finance Corporation (IFC), a member of the World Bank (WB) Group, said Wednesday that it has invested in Egypt around $1.2 billion during fiscal year (FY) 2017-2018.

It said that the investments have helped in creating jobs, improving local infrastructure and boosting the country’s economic growth. That figure, which includes funds mobilized from other investors, represents a record for the IFC in Egypt.

During the FY 2018, which ended June 30, the IFC supported several pioneering projects across the country. Those included a landmark investment of $653 in the Benban solar park near Aswan.

The IFC noted that this solar plant will be the world’s largest solar array once completed, providing eco-friendly electricity to 350,000 people in upper Egypt. The project was part of a larger IFC effort to support the development of Egypt’s private sector.

IFC Country Manager in Egypt, Libya and Yemen Walid Labadin said that a vibrant private sector is the key to creating jobs and spurring economic growth in Egypt.

“Our investments have been directed towards addressing the challenges facing the private sector—like power shortages, burdensome regulations, gender inequality and difficulty in accessing financing,” Labadi said, adding that by tackling those issues, IFC can help lay the foundation for long-term growth and prosperity.

In this context, Electricity and Renewable Energy Minister Mohamed Shaker discussed with Indian Ambassador to the country Rahul Kulshreshtha boosting bilateral cooperation in the field of energy.

Kulshreshtha expressed his country's desire to cooperate with Egypt in the field of renewable energy production, especially in the field of solar energy, as well as in the field of energy production from waste.

Shaker, for his part, said that there is bilateral cooperation to encourage investments in the field of energy production from waste, where the Ministry of Environment is making great efforts to coordinate with investors in this area to benefit from waste in more than one area, especially electric power.

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