(Ecofin Agency) - The International Finance Corporation (IFC), the World Bank’s private sector arm, plans to invest $1 billion in Egypt in 2024.

This ambitious initiative, reported by Al Borsa News on February 19, will be carried out in partnership with Egypt's National Agency for the Development of Micro, Small, and Medium Enterprises (MSMEDA).

Cheick-Oumar Sylla, the IFC's Regional Director for North Africa and the Horn of Africa highlighted the organization's commitment to supporting the growth of Egyptian businesses. The investment will include providing loans to Egyptian companies and offering credit lines to local banks that are focused on financing SMEs. This strategy aims to stimulate economic development and create jobs by empowering smaller companies, which are often the backbone of emerging economies.

The IFC's total investment portfolio in Egypt amounts to around $8 billion, spanning various sectors including healthcare, renewable energy, pharmaceuticals, infrastructure, and ICTs