Rania El-Mashat Holds High-Level Meeting with IFC to Strengthen Private Sector Engagement in Egypt's Development

Dr. Rania El-Mashat, the Minister of International Cooperation, met with Elena Bourganskaia, Deputy President for Institutional Support at the International Finance Corporation (IFC), during her visit to Egypt. The meeting aimed to discuss ongoing cooperation efforts between the government and the International Finance Corporation to enhance private sector engagement in development.

During the meeting, the Minister of International Cooperation and the Deputy President for Institutional Support at the IFC discussed advancing cooperation in the healthcare sector and the progress made in implementing the signed agreement with the government to provide technical advice and consultations for the government's initiatives program. The meeting took place at the Ministry's headquarters in the New Administrative Capital.

The meeting was attended by Omar Seila, the Regional Director for North Africa and the Middle East at the International Finance Corporation, and Mohamed A. Gawad Allam, the Head of Cooperation with the United Nations and Multilateral Financial Institutions at the Ministry of International Cooperation.

At the outset of the meeting, the Minister of International Cooperation welcomed the officials from the International Finance Corporation, expressing the government's appreciation for the ongoing collaboration and efforts made by the institution within the framework of the strategic partnership with the World Bank's Country Partnership Framework for the period from 2023 to 2027.

The purpose of this collaboration is to bolster private sector empowerment, with a focus on priority sectors such as climate finance, agricultural manufacturing, healthcare, and other vital sectors.

Both parties also discussed the joint efforts of the International Finance Corporation and the United Nations High Commissioner for Refugees to provide support for their efforts in Egypt to care for and support refugees.

The Minister emphasized the importance of coordination and integration between the programs implemented by UN agencies on the ground to support and protect refugees, as well as the efforts carried out by the International Finance Corporation to maximize the impact of these important development programs.

On another note, the Minister discussed with the officials of the International Finance Corporation the implementation of the agreement signed last month with the Government Initiatives Unit at the Cabinet to provide technical advice and support for the government's initiatives program.

The Deputy President of the International Finance Corporation praised the recent progress made in government initiatives, highlighting the state's efforts to maximize the role, participation, and effectiveness of the private sector.

Both parties also addressed their joint cooperation in enhancing healthcare and supporting the comprehensive health insurance project, which the government is implementing in collaboration with private sector partners.

The Minister reaffirmed the state's commitment to the important and vital role the private sector plays in providing healthcare services to citizens and enhancing their efficiency.

She also expressed gratitude to the International Finance Corporation for its technical support to the Family Medicine Center in Sharm El-Sheikh, which received the Green Building Certification as the first Egyptian health center to achieve this certification.

Furthermore, the Minister reiterated the importance of showcasing the results of the joint cooperation and efforts between Egypt and the International Finance Corporation in international reports and forums, especially concerning technical assistance and diagnostic reports that stimulate private sector development.

It is worth mentioning that the IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in developing countries and emerging markets. In Egypt, it implements one of its largest programs worldwide, with total investments amounting to about $7 bn in various sectors, including infrastructure, renewable energy, agricultural manufacturing, start-ups, and the financial sector. Additionally, there is a technical assistance and advisory portfolio worth $34 mn.

IFC operates under the framework of the strategic partnership between Egypt and the World Bank Group for the period from 2023 to 2027, which was launched in March of last year, with the aim of empowering the private sector and enhancing its vital role in supporting the economy under the vision of Egypt 2030.