Cairo, Egypt, March 14, 2013—Jin-Yong
Cai, IFC Chief Executive Officer and Executive Vice President, said that
Egypt has long-term economic potential and the key to unlocking that is
supporting the country’s private sector.
Cai made the comments during his first official visit to Egypt since taking
over as head of IFC, a member of the World Bank Group, last summer. During
the trip, he met with representatives of the government, including Prime
Minister Hisham Qandil, and members of the businesses community. Cai discussed
ways to boost investor confidence, support small businesses, and spur the
development of infrastructure projects.
“It is no secret that many countries in the region, like Egypt, have struggled
during the last two years,” he said. “One of the keys to restoring the
region’s economic luster is supporting the private sector, which has the
potential to drive growth and create the jobs people here so desperately
The visit is part of IFC’s efforts to support Egypt during its transition.
Over the past two years, IFC has committed $723 million to 11 projects,
including mobilization of $191 million. It has also been providing advisory
services to strengthen business regulations, increase access to finance,
support the development of smaller enterprises, and assist in the creation
of public-private partnerships in infrastructure.
IFC, a member of the World Bank Group is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.