Egypt Daily News – Moukhtar Dayoub, CEO of the International Finance Corporation (IFC), praised the success of the Arab Republic of Egypt in mobilizing development financing and directing it towards its national priorities for inclusive and sustainable economic growth.
This came during his speech at the conference organized by the Ministry of Planning, Economic Development, and International Cooperation under the title “Development Finance to Empower the Private Sector., Economic Growth and Employment,” held under the patronage and presence of Dr. Mostafa Madbouly, Prime Minister, along with several ministers, the Federation of Egyptian Chambers of Commerce, the Federation of Industries, business councils, development partners, and ambassadors.
During his speech, Dayoub explained that the conference reflects decades of constructive cooperation and a close partnership that the IFC has had with Egypt, spanning more than five decades. He clarified that this relationship has gone beyond traditional financing to become a strategic partnership aimed at achieving real change in the structure of the Egyptian economy, expanding job opportunities, and promoting growth based on innovation, justice, and sustainability.
He continued, stating that the conference marks new milestones in cooperation, confirming the depth and effectiveness of this partnership through the launch of a new European investment guarantee mechanism worth 1.8 billion euros. This aims to boost the flow of investments into the Egyptian economy, especially in strategic sectors such as clean energy and advanced industry, as part of supporting private investment in priority economic sectors.
The conference also witnessed the signing of an agreement between the IFC and AMEA Power Company to support the establishment of the first renewable energy battery storage system. Diab emphasized that this ambitious project will enable Egypt to efficiently store clean energy and utilize it to support manufacturing operations, develop national industries, and create sustainable job opportunities aligned with the country’s vision for green transformation and low-emission development.
He added that these qualitative initiatives are not just financial agreements or announced figures; rather, they represent a real qualitative leap in the investment environment. They reflect international investors’ confidence in Egypt’s economic future, facilitate the transfer of advanced technology and global technical expertise, and contribute to building local capabilities capable of competing and driving development led by national competencies.
Dayoub explained that since 2020, development partners have mobilized over $15 billion for Egypt’s private sector, including $4 billion provided by the IFC, either through direct investments or by encouraging other investors to inject their capital into the Egyptian market.
He further stated that the IFC has become a global platform connecting international investors with promising opportunities in Egypt. It focuses more on equity investments that enable companies to expand and innovate, especially in their early growth stages. The corporation also believes in the importance of entrepreneurship and pays special attention to financing small and medium enterprises (SMEs), which make up more than 90% of Egypt’s informal economy.
The IFC CEO affirmed that this success cannot be achieved without the integration of World Bank Group tools, where the International Bank for Reconstruction and Development finances infrastructure and supports reform policies; the Multilateral Investment Guarantee Agency provides guarantees against political risks; and the IFC offers financing and technical expertise to the private sector. This integration has enabled the doubling of financial commitments to about $65 billion during the current fiscal year.
He pointed out that the European guarantee mechanism announced is a strong addition that accelerates the pace of private investment in priority sectors, having a direct positive impact on local communities, whether through training, employment, or technology transfer.
Dayoub emphasized that all these tools would be insufficient without conscious political leadership that places private sector empowerment at the heart of its policies. He noted that Egypt has already presented a model worth emulating in this area through a package of bold reforms and ambitious programs, such as the privatization program, which allows the private sector a broader role in managing public assets without affecting state ownership.
He also confirmed that the IFC and the World Bank Group reaffirm their full commitment to supporting Egypt’s vision of building a strong, competitive, and inclusive private sector that constitutes a fundamental pillar of development and a continuous source of opportunities for all Egyptians.
