The International Finance Corporation (IFC), a member of the World Bank Group, has announced five new projects aimed at bolstering Egypt’s private sector, with a strategic focus on climate finance, healthcare, food security, and the development of micro, small, and medium-sized enterprises (MSMEs).
These initiatives, unveiled during a visit by IFC Vice President for Africa Ethiopis Tafara, represent a significant injection of capital and advisory support into key areas of the nation’s economy.
Expanding Green Finance With Banque Misr and EBank
Building on its existing relationship with Banque Misr, the IFC is launching a new initiative backed by a $150 million investment to expand green finance in the country. The project will channel funds towards investments in energy efficiency, sustainable transport, green buildings, and renewable energy. Crucially, it will also widen access to finance for MSMEs, with a dedicated 20% of lending allocated to women-owned businesses.
In a complementary move, the IFC is partnering with the Export Development Bank of Egypt (EBank) on an advisory program. This collaboration, part of the Egypt30by30 program, aims to strengthen the bank’s data governance and climate reporting, enabling it to better identify, track, and increase its exposure to green projects, thereby supporting Egypt’s transition to a sustainable economy.
Boosting SME Access to Finance with GlobalCorp
To further support smaller enterprises, the IFC has partnered with GlobalCorp Group, a leading non-banking financial institution platform in Egypt. A $30 million dual-currency investment will expand access to leasing and factoring for MSMEs, particularly those operating in vulnerable communities. This project marks a milestone as it includes the IFC’s first local-currency securitization in Egypt and the country’s first development finance institution investment in a leasing securitization.
Investing in Healthcare and Food Security Innovation
The IFC is also channeling capital into critical service sectors. A new partnership with GMED Holding and its subsidiaries will receive a $15 million investment to improve access to medical products and equipment across Egypt and East Africa. The initiative will focus on increasing local production capacity and providing essential training for medical staff on advanced technologies.
In the food and supply chain sector, Cairo-based technology platform Breadfast has secured a $13 million investment from the IFC. The funding will support the company’s expansion and create employment opportunities across its logistics, manufacturing, and technology divisions. This partnership aims to strengthen food supply distribution infrastructure and improve market access for small and medium-sized retailers.
About the International Finance Corporation (IFC)
The International Finance Corporation (IFC) is a member of the World Bank Group and is the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing nations. Since beginning operations in Egypt, the IFC has invested and mobilized nearly $10 billion in development projects, supporting the country’s efforts to expand access to finance, increase climate-related investments, and strengthen industrial competitiveness.
Source: Zawya
