World Bank arm to invest $150 million in Egypt’s agriculture sector

DUBAI: International Finance Corporation (IFC) has agreed to invest $150 million (SR562.5 million) in Egypt’s agriculture sector in partnership with the country’s private sector, UAE state news agency WAM reported late Saturday.
The investment aims at developing the country’s nutrition sector, introducing the newest technologies in manufacturing, as well as providing new job opportunities for the youth, WAM said, quoting investment and international cooperation minister Sahar Nasr’s interview with Ahram Online.
IFC, a member of the World Bank Group, focuses on developing the private sector in developing countries.
The agreement comes following a meeting between Egyptian President Abdel Fattah El-Sisi and World Bank chief Jim Yong Kim in New York on Thursday on the sidelines of the UN General Assembly meetings, where the two discussed cooperation between Egypt and the bank.
World Bank currently has a commitment of $5.92 billion in Egypt, spread in 26 projects. Foreign direct investments in Egypt are up 14.5 percent to $7.9 billion for the fiscal year 2016-2017.
Similarly, a UK trade delegation representing 14 companies is now in Cairo to explore investment opportunities in Egypt’s key sectors from infrastructure, agriculture, health care to defense.
The companies, including Rolls Royce and Bombardier, were attracted by the Egyptian government’s spate of economic reforms and improve the economic climate, said Jeffrey Donaldson, the UK’s trade envoy to Egypt.
“The recent reforms that have been implemented have brought about stronger economic growth in Egypt and this has heightened the interest of British companies in doing business with Egypt,” Donaldson said.
Ratings agency Moody’s in its latest annual report has credited Egypt’s strong reform momentum, despite weak government finances, which has resulted into a pick-up in economic growth and improved investor sentiment.