The International Finance Corporation (IFC) has announced its role as the strategic advisor for Egypt’s efforts to enhance private sector involvement in the economy.
The IFC’s primary focus will be on assisting the government with its “asset monetization program,” aimed at leveraging private capital and expertise to manage state-owned assets. The IFC will provide guidance on structuring and preparing these assets for sale, according to a statement issued by the organization.
Egypt has been grappling with several economic challenges, including a severe shortage of foreign currency, the need to attract new investments, and the task of managing a growing debt burden.
In response, the government introduced a state ownership policy last year, seeking to identify sectors of the economy where increased private sector participation can be beneficial.
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Despite previous promises of structural reform, the state, including the military, has tightened its grip on the economy in recent years.
To ensure the long-term success of the program, Prime Minister Moustafa Madbouly has confirmed a five-year partnership with the IFC, working closely with the World Bank.
This collaboration aims to provide ongoing guidance and governance for the initiative. Prime Minister Madbouly made the announcement during a televised conference alongside IFC Managing Director Makhtar Diop.
The involvement of the IFC as the strategic advisor signifies a significant step towards revitalizing Egypt’s economy and attracting private investment.
By leveraging the expertise and resources of the IFC and the World Bank, Egypt aims to unlock the potential of its state-owned assets, drive economic growth, and foster a more dynamic and prosperous business environment.
