IFC Division Director for North Africa and Horn of Africa: Egypt is a leading investment destination with large market, active private sector

By: Amira Ahmed

Cairo, April 22 (MENA) – Egypt has strong fundamentals to attract foreign investment supported by its population of over 110 million. strategic location. diverse natural and tourism resources. skilled workforce and active private sector. the International Finance Corporation’s IFC Division Director for North Africa and the Horn of Africa Cheick-Oumar Sylla said.

In an interview. the IFC Division Director for North Africa and the Horn of Africa said IFC aims to invest at least dlrs 1 billion annually in Egypt. with potential to exceed that depending on market developments.

The IFC Division Director for North Africa and the Horn of Africa expected the current fiscal year to mark a record for IFC investments at around dlrs 1.5 billion, noting total investments over the past decade reached dlrs 10 billion.

He praised government efforts to expand the private sector’s role through the Asset Monetization Program, which includes listing state-owned companies on the stock exchange to improve efficiency and service quality, adding that the private sector has become a key partner in Egypt’s economic growth.

On economic reforms, Sylla highlighted notable progress, especially in trade sector development and tax system modernization.

Marking 50 years of IFC operations in Egypt since 1976, he said the institution focuses on supporting job creation as about 1.3 million people enter the labor market annually. He noted particular emphasis on high job-generating sectors, including tourism and manufacturing, alongside value chains.

Sylla said IFC investments in Egypt have largely focused on infrastructure and energy, citing the Benban solar complex as a flagship project that helped position Egypt globally in private-sector energy production. He noted IFC was the main investor in the first 13 independent power producer (IPP) projects within the complex.

He also said IFC continues to finance major energy projects, including the Abydos solar plant in Kom Ombo and the Amunet wind farm in Ras Ghareb, both developed by AMEA Power, with a combined capacity of 1,000 megawatts, alongside battery energy storage projects of similar scale.

Sylla praised Egypt’s push to raise the share of renewables in its energy mix to 42% by 2030, saying Egypt, alongside South Africa, is among Africa’s leaders in accelerating renewable energy production.

On climate finance, he said IFC supported Egypt’s first private-sector green bond issuance with Commercial International Bank, and its first sustainability bond with the Arab African International Bank. Future efforts will focus on expanding green financing to small and medium-sized enterprises in cooperation with the Central Bank of Egypt under the global “30×30” initiative.

In the financial sector, IFC has provided financing to Banque Misr and Suez Canal Bank, alongside advisory support to the Export Development Bank of Egypt, and extended credit lines to banks for on-lending to SMEs, particularly women-led and climate-focused businesses.

IFC has also expanded non-banking activities through cooperation with GlobalCorp Group, one of Egypt’s leading NBFI platforms to expand access to leasing and factoring for micro-, small-, and medium-sized enterprises (MSMEs). IFC has invested as well in healthcare, Sylla added.

Sylla said IFC has supported more than 100 healthcare facilities through accreditation programs and is actively involved in fintech and venture capital, noting Egypt’s strong innovation ecosystem. He added IFC recently invested around dlrs 13 million in Egyptian e-commerce platform “Breadfast”, citing its scalability across African markets.

He described Egypt as a key gateway to African markets, offering investors opportunities for expansion, and said IFC supports Egyptian firms through market studies, financing packages, guarantees and advisory services.

Cairo has become a key regional hub for IFC in Africa, with about 120 staff, 60% of whom are women and more than 65% Egyptian, reflecting the strength of its local team, he added.

Sylla said IFC follows an “additionality” principle in its investments, aiming to complement rather than compete with local banks and the private sector.

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