International Finance Corporation (IFC), a member of the World Bank Group, has invested  USD 1.2 bn in Egypt during FY 2018, which helped in creating jobs, developing local infrastructure, and consolidating the country’s economic growth, Invest-Gate reports.

Encompassing funds mobilized from other investors, that figure represents a record for the IFC in Egypt, according to IFC’s statement issued on August 8.

The IFC has supported a number of pioneering projects across the country, during FY 2018, which ended on June 30, including a landmark investment of USD 653 mn in the Benban solar park near Aswan.

Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen, highlights that a vibrant private sector is a key to creating jobs and spurring the economic growth in Egypt.

To extend access to finance for small businesses and support financial inclusion, IFC has invested USD 100 mn in an Egyptian private bank, Commercial International Bank (CIB), helping the bank scale up its lending to clients and creating jobs, the statement adds.

“Our investments have been geared towards addressing the challenges facing the private sector – like power shortages, burdensome regulations, gender inequality, and difficulty in accessing financing. By tackling those issues, we can help lay the foundation for long-term growth and prosperity,” Labadi elucidates.