Prime Minister Witnesses Agreement to Appoint International Finance Corporation as Strategic Advisor to Government
Dr. Mostafa Madbouly, the Prime Minister of Egypt, recently witnessed the signing of an agreement with the International Finance Corporation (IFC), the arm of the World Bank Group. The agreement aims to empower the private sector and enhance the government’s efforts to attract investments, stimulate the competitiveness of the Egyptian economy, and create job opportunities for citizens.
Signing of the Agreement
The agreement was signed by Dr. Rania Al-Mashat, the Minister of International Cooperation and Governor of Egypt at the World Bank Group, and Mr. Mokhtar Dayoub, the Managing Director of the International Finance Corporation (IFC). The signing ceremony was attended by Mr. Mahmoud El-Sakka, the Adviser to the Prime Minister for Proposals, and Dr. Linda Rodo, the Financial Transaction Advisory Officer at the International Finance Corporation.
Strategic Partnership Framework
This agreement is the first to be signed following the approval of the Strategic Partnership Framework (CPF) between Egypt and the World Bank Group for the period 2023-2027. The CPF focuses on empowering the private sector, creating an enabling environment for private sector-led investments, and stimulating job opportunities. It reflects the Egyptian government’s commitment to implementing its plan to empower the private sector and expand its participation in development.
Support and Technical Advice
Under the agreement, the International Finance Corporation (IFC) will provide support and technical advice to the government offering program. This includes assisting in structuring and preparing companies targeted for offering to the private sector, improving corporate governance, and enhancing capital flows to support the country’s vision for economic recovery.
Expected Outcomes
The agreement is expected to lead to several outcomes, including expanding private sector participation in the economy, creating more job opportunities, increasing competitiveness, and improving governance in companies targeted for offering to the private sector. It will also support the recovery of the Egyptian economy by encouraging growth and investment in various sectors such as infrastructure, tourism, healthcare, education, agriculture, and manufacturing industries.
Prime Minister’s Statement
Dr. Mostafa Madbouly, the Prime Minister, emphasized the importance of choosing the International Finance Corporation as a strategic advisor to the government for the offering program. He highlighted the corporation’s extensive global experience in empowering the private sector and implementing proposals to strengthen the partnership between the government and private sectors.
International Finance Corporation’s Role
Mokhtar Dayoub, the Managing Director of the International Finance Corporation, expressed his confidence in the Egyptian government’s objectives to mobilize the private sector. He stated that the corporation’s role as a strategic advisor will increase private sector participation and contribute to building a sustainable, resilient, and inclusive Egyptian economy.
Minister of International Cooperation’s Perspective
Dr. Rania Al-Mashat, the Minister of International Cooperation and Governor of Egypt at the World Bank Group, highlighted the International Finance Corporation’s expertise in supporting the private sector in emerging markets. She emphasized that the advisory services agreement for the offering program is the first to be signed under the recently launched Strategic Partnership Framework. The agreement will support the government’s agenda to empower the private sector, reform state-owned companies, and attract investments.
Overall, this agreement between the Egyptian government and the International Finance Corporation marks a significant step towards empowering the private sector, attracting investments, and stimulating economic growth in Egypt.
How is the strategic partnership between the Egyptian government and the International Finance Corporation expected to improve investment flows in the country?
Investment flows, and strengthening the competitiveness of the Egyptian economy. This strategic partnership between the government of Egypt and the International Finance Corporation marks a significant step towards achieving the country’s development goals and attracting more investments. With the support and technical advice from the IFC, the government will be able to enhance the private sector’s role in the economy and create a favorable environment for businesses to thrive. As a result, this partnership will contribute to job creation and economic growth, ultimately benefiting the Egyptian citizens and transforming the country’s economic landscape.
