Cairo, Egypt, December 13, 2016—In
his first trip to Egypt as IFC’s Executive Vice President and Chief Executive
Officer, Philippe Le Houérou will meet top government officials and business
leaders to underscore IFC’s commitment to supporting the country’s private
sector, creating jobs, and fostering sustainable growth.
Le Houérou's two-day visit, which will
run from December 14-16, is also his first official trip to the Middle
East and North Africa as head of IFC, a member of the World Bank Group
and the largest global development institution focused on the private sector
in emerging markets. During the trip, Le Houérou will sign three agreements
that support infrastructure development, and improve access to finance
for small businesses and young entrepreneurs.
In addition to meeting senior leaders,
Le Houérou will speak with representatives from the private sector. In
these discussions, he will explore opportunities to support innovation
and entrepreneurship, and create new markets through private sector development
in Egypt. The visit comes as Egypt enacts a series of economic reforms,
including the flotation of the pound, designed to spur growth.
“Egypt recently launched a series of bold economic reforms, which, if
the country stays the course, can ramp up private investments,” said Le
Houérou. “IFC will continue to support the development of the country’s
private sector, helping to fuel economic growth and create much needed
Egypt is a priority country for IFC.
In line with the World Bank Group’s Country Partnership Framework for
the 2015-2019 fiscal years, IFC is focused on closing infrastructure gaps,
improving the investment climate, enhancing the skills of young job seekers,
and increasing access to finance for smaller businesses.
Between fiscal years 2011 and 2016, IFC’s
investments in the country totaled close to $1.5 billion, including financing
mobilized from other investors.
IFC is also been implementing a wide-ranging
advisory program focused on simplifying business regulations, improving
the investment climate, expanding access to finance, supporting the development
of smaller enterprises, and assisting in the creation of public-private
partnerships in infrastructure.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org