Minister: Egypt-IFC cooperation saw remarkable growth under Sisi’s rule

Minister of International Cooperation Rania Al-Mashat said Egypt is committed to supporting the efforts of multilateral international financial institutions to increase their resources and enable them to carry out their role in support of developing and emerging nations.

Mashat, who doubles as Governor of Egypt at the World Bank Group, made the remarks while participating in the activities of the Spring Meetings of the International Monetary Fund and the World Bank, held in Washington, D.C., from April 15 to 20.

She hailed the importance of Egypt’s growing ties with the International Finance Corporation (IFC), which has greatly contributed to private sector development in Egypt over the past few years, thanks to the mega development projects pursued across all sectors during since President Abdel Fattah al-Sisi took the helm.

Mashat also highlighted IFC’s growing role in securing investments and necessary technical support systems both for the state-owned and private sectors.

As for Egypt’s efforts to support the role of the corporation’s role, Mashat said the Egyptian cabinet had approved the draft decision on Egypt’s subscription to the International Finance Corporation’s (IFC) capital increase, which contributes to maintaining the amount of Egypt’s shares in the IFC, thus, ensuring its voting rights.

During her participation in the WB-IMF Spring Meetings, the minister took part in many important events where she discussed global economic developments, topped by the results of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (Group of 24), and the meeting of the African Caucus for the World Bank, among other high-level events.

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