Minister of Trade and Industry Amr Nassar has met a delegation from International Finance Corporation (IFC), a member of the World Bank Group, to discuss means of collaboration to support the country’s private sector, particularly in the industrial field, through varying development programs, Invest-Gate reports.

The delegation was led by Walid Labadi, IFC’s country manager in Egypt, Libya, and Yemen, according to an official statement released on October 1.

During the meeting, Labadi underlined that the IFC contributed to financing Egypt’s private sector with investments worth USD 1.2 bn in FY 2017/18, which ended on June 30, highlighting that the corporation’s portfolio for the country is estimated at USD 1.5 bn per year.

In addition, talks tackled enhancing cooperation between the ministry and the IFC in upgrading power engines utilized in manufacturing to save at least 10% of the electricity consumed by the sector.

“Developing the national industry and enhancing the competitiveness of the Egyptian product are on top of the government agenda at the present time,” Nassar was quoted as saying in the statement.

The IFC had supported a number of pioneering projects across the country during FY 2017/18, including a landmark investment of USD 653 mn in the Benban solar park near Aswan.